It is not today that billionaire Microsoft co-founder Bill Gates, with a net worth of $125 billion, says he does not invest in cryptocurrencies.
Alongside mega-investor Warren Buffett, CEO of Berkshire Hathaway, Bill Gates is one of the richest men in the world who has a certain aversion to digital assets. And now he has revealed the reason behind it.
Why Bill Gates Doesn’t Like Cryptocurrencies?
During an “Ask Me Anything” question and answer session on the social network Reddit, Bill Gates reaffirmed that he does not own any digital currency.
That’s because, according to him, these assets have no real value. After all, they do not generate valuable products as companies do. In other words, for Gates, cryptocurrencies are nothing more than a product of speculation:
“I like to invest in things that have a valuable result. The value of companies is based on how they make great products. The value of cryptocurrency is just what someone else decides that someone else will pay for it. Thus, it does not add value to society like other investments,” he said.
As mentioned, this is not the first time that the world’s fourth richest person has expressed skepticism towards cryptocurrencies.
Environmental issues also worry billionaire
In February of this year, the billionaire told Bloomberg that he is concerned that people will be “sucked in” by the frenzy around BTC and other cryptocurrencies. At the time, he also cited Elon Musk, a crypto enthusiast, as a parameter:
“If you have less money than Elon you should probably be careful.”
Furthermore, he criticized the energy consumption of the BTC mining process, saying that it is not environmentally friendly:
“BTC uses more electricity per transaction than any other method known to mankind. So, you know, it’s a bad thing for the weather.”
Unlike Buffett and Gates, other billionaires are crypto enthusiasts. The supporter camp has, for example, figures like former Twitter boss Jack Dorsey. It is worth noting that Dorsey left his position at Twitter to dedicate himself to Block (formerly Square), focused on cryptocurrencies.
Elon Musk is also one of the supporters of cryptocurrencies, in particular BTC and Dogecoin. His company, Tesla, has already bought BTC to keep in its reserve. Likewise, last year Musk revealed that SpaceX, of which he is also CEO, had BTC on its balance sheet.