Microsoft co-founder Bill Gates has explained why he doesn’t own Bitcoin or any other cryptocurrency. “I like investing in things that have a valuable output,” Gates said, adding that crypto “doesn’t contribute to society like other investments.”

Bill Gates on Crypto and Why He’s Not Investing

Microsoft co-founder Bill Gates shared his take on bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session on Thursday.

One of the questions he was asked was “What do you think of Bitcoin and cryptocurrencies?” Gates replied:

I don’t own any. I like to invest in things that have a valuable output.

He added: “The value of companies is based on how they make great products. The value of crypto is just what another person decides someone else will pay for it, not contributing to society like other investments.”

Gates’ stance on cryptocurrency matches that of Berkshire Hathaway’s Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in Bitcoin or cryptocurrency earlier this month.

“It doesn’t produce anything,” Buffett described BTC, noting that he wouldn’t pay $25 for all the bitcoins in the world. “What would I do with it? I’d have to sell it back to you one way or another. It won’t do anything,” he said.

The Microsoft co-founder and co-chair of the Bill and Melinda Gates Foundation has long been a critic of Bitcoin and cryptocurrency.

In February last year, he said he didn’t own any bitcoin, adding that he took “a neutral view.” However, he also said crypto is a technical innovation that the world would be better off without. Gates noted, “The way cryptocurrencies work today makes certain criminal activities possible. It would be good to get rid of that.”

Gates also commented on Tesla CEO Elon Musk owning bitcoin in February last year. “Elon has tons of money and he’s very sophisticated, so I’m not worried that his bitcoin will go up or down randomly,” said the Microsoft co-founder. “If you have less money than Elon, you should probably be careful,” he warned.

What do you think of Bill Gates’ comments on Bitcoin and cryptocurrency? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

photo credit: Shutterstock, Pixabay, WikiCommons



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