Bill Gates doesn’t own cryptocurrency, but he revealed the reason behind it in an interview with The New York Times.
Gates, the world’s fourth wealthiest individual with a net worth of $125 billion and no interest in diving into the crypto markets because he believes cryptos are “useless,” as do Warren Buffett and other billionaires.
Bill Gates, the founder of Microsoft and one of the world’s wealthiest people, is opposed to bitcoin. The billionaire does not own any bitcoin and has no desire to obtain them. He believes that cryptocurrencies have no beneficial impact on society and don’t provide any value. A few days ago, Warren Buffett referred to the cryptocurrency as “worthless.”
Gates’ comments are a blow to crypto enthusiasts and believers, who believe the new digital currency to be a “fate-changer” and ultimate money maker. The cryptocurrency and digital currency revolutionized the worldwide economy in 2021, attracting a flood of young investors to its lure as the markets generated massive financial wealth. Cryptocurrencies like Bitcoin, Ethereum, and a few others have enjoyed enormous growth not just in the United States or Europe but also in third-world nations across Asia and the Middle East. However, this year’s crypto markets experienced significant volatility, with many currencies remaining on the edge.
Microsoft founder Bill Gates is not a lover of cryptocurrency. The billionaire hasn’t invested in the currency and has no interest in doing so. The aim – he considers that cryptocurrencies have no useful purpose and don’t contribute to society in any way. Warren Buffett has labeled the cryptocurrency as “worthless” in recent days.
Gates’ declaration comes as a blow to crypto enthusiasts and fans, who believe in the new digital currency and consider it a “fate-changer” and ultimate money maker. In 2021, the cryptocurrency and coins revolutionized the global economy, enticing a flood of young investors to join their ranks as markets generated enormous financial riches. Cryptocurrencies like Bitcoin, Ethereum, and a few others have seen dramatic gains not just in the United States or Europe, but also in Asia and the Middle East. However, this year’s crypto markets were volatile and remained on the edge.
Gates, the world’s fourth wealthiest individual with a net worth of $125 billion, has no interest in cryptocurrencies or cashing in on the opportunity because he thinks like fellow billionaire Warren Buffett that they are “useless.”
Furthermore, the American businessman stated that he has no interest in crypto investments because there was nothing of value to him. Furthermore, ‘cryptos aren’t adding anything to society,’ which has been a major turn-off for the American businessperson, is still true.
“I don’t own any,” Bill Gates said during a ‘Ask Me Anything’ session on Reddit. I enjoy investing in assets that provide a valuable return. The value of cryptocurrency is defined by someone else’s decision to pay money for it, as opposed to other investments, which contribute to society. ”
In contrast to Bill Gates and William Buffett, other billionaires have expressed a strong interest in cryptocurrency investments. Billionaire Elon Musk has ‘pocketed’ several cryptocurrencies and is still positive about others. His playful banter about “baby cryptos” had the crypto enthusiasts dancing to his jokes on a regular basis.
Bill Gates has long been outspoken about his dislike for cryptocurrencies. But, with the cryptocurrency market enduring a deep downturn and headwind, the billionaire’s concerns against crypto currencies become all the more pressing. The price of Bitcoin has dropped 27 percent while Ethereum’s investor wealth has been destroyed by 36 percent, and TerUSD is on a plummet.
During his interview, Gates also addressed a number of other topics. Though he supported raising the tax bracket for ‘super rich,’ he warned that adding “extra pressure” would cause them to seek an escape route.