Microsoft co-founder Bill Gates once again voiced his skepticism toward Bitcoin and cryptocurrencies during a Reddit "Ask Me Anything" session. When asked about his stance, Gates replied: "I don't own any. I like investing in things that have valuable output." He explained that the value of companies comes from their ability to create great products, whereas the value of crypto "is just what some other person decides someone else will pay for it," concluding that it is "not adding to society like other investments."
Aligning with Warren Buffett's View
Gates' position mirrors that of Berkshire Hathaway's Warren Buffett, who earlier this month detailed why he would not invest in Bitcoin. "It doesn't produce anything," Buffett said, adding that he wouldn't pay $25 for all the Bitcoin in the world. "What would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything." The convergence of these two investment icons highlights the deep divide between traditional value investing and digital assets.
A Long-Time Critic
Gates has been a vocal critic of cryptocurrency for years. In February 2021, he admitted he didn't own Bitcoin but maintained a "neutral view." However, he also called crypto a tech innovation the world would be better off without, citing its facilitation of certain criminal activities. "It'd be good to get rid of that," he said at the time.
Comment on Musk's Bitcoin Holdings
Gates also previously commented on Elon Musk's Bitcoin ownership. "Elon has tons of money, and he's very sophisticated, so I don't worry that his bitcoin will randomly go up or down," the Microsoft co-founder noted. But he warned: "If you have less money than Elon, you should probably watch out." The remark underscores the potential risk of crypto's extreme volatility, especially for smaller investors.
Despite pushback from the crypto community, the criticism from Gates and Buffett continues to shape mainstream sentiment. As of May 2022, Bitcoin had fallen sharply from its all-time high, and market mood was subdued. Gates' latest comments are likely to reinforce caution among those considering exposure to digital assets.