There were numerous instances when many prestigious personalities have criticized cryptocurrencies and digital assets
During an ‘Ask me Anything’ session going on Reddit this Thursday, Microsoft co-founder and billionaire Bill Gates explained his stance on cryptocurrencies. While citing he does not own bitcoin or any other cryptocurrencies, Bill Gates said that he likes to invest in the things that mean to bring some valuable output. Further, he added that crypto is not adding any value to society in any form like other investments do.
He was asked one such question during the session about what his thoughts are about bitcoin and cryptocurrencies on which Gates replied that he doesn’t own any of it as he likes investing in things with valuable output. He further added that the valuation of companies depends upon the products or services they had to offer. Cryptocurrency’s value is derived from what some random person decides how much someone else will have to pay to own it, which does not fall under the criteria of any value-adding investments for society.
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The clarification of Bill Gates’ opinion regarding cryptocurrencies is similar to what the world’s biggest and influential investor Warren Buffet has. As for many instances Buffet has been seen to criticize the cryptocurrencies and bitcoin, where recently earlier this month he explained why he would not make any investment in cryptocurrencies. He said at the time that it does not produce anything as such and if there were a total available bitcoin in the world, he would not buy it for even $25. Oracle of Omaha said that to earn profit or derive value from the asset i would need to sell to anybody else, that does not create any value.
For a long time now the co-founder of software giant Microsoft has been a critic of cryptocurrencies along with bitcoin. Last year he said that he did not own any bitcoin and he was having a neutral view over it. However Gates said that crypto was one such technological innovation that even without it the world would be better. He criticized the way it works and it allows people to perform certain criminal activities.
Source: https://www.thecoinrepublic.com/2022/05/22/why-does-bill-gates-say-there-is-no-valuable-output-in-crypto/