Bill Gates admits not owning any cryptocurrency during a Reddit session

The world’s most powerful personalities have their unique perspectives on cryptocurrency. Some enthusiasts like Elon Musk and Michael Saylor argue that bitcoin is a revolution and can transform the world.

Meanwhile, wealthy skeptics like Warren Buffett and Peter Schiff say it’s a frenzy, and the bubble will burst someday, unleashing mayhem.

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One more critic has found a spot among bitcoin naysayers.

The newest addition is Bill Gates, the world’s fourth wealthiest person, who argues that cryptocurrencies do not have any intrinsic worth.

In the current Ask Me Anything session on reddit, he remarked:

“I like investing in things that have valuable output”

Gates believes that the quality of a company’s products determines its worth. However, the value of cryptocurrency is determined only by what someone else believes someone else will pay for it; unlike traditional assets, it does not contribute to society.

Gates remark highlight that society is split into two groups: sceptics and advocates. However, the future of crypto markets remains uncertain in light of the current market environment.

The current state of cryptocurrency market

Despite numerous comments and observations, the global cryptocurrency market has not been stable, nor has any convincing indications of a bullish rally.

Bitcoin (BTC) was trading at $29,136 at the time of writing, a 10 percent increase from its 52-week low of $26,350 reached on 12 May.

However, Bitcoin was still around 58% lower than its all-time high of $68,789, attained on 10 November 2021.

The present volatility is counterproductive to the worldwide adoption of cryptocurrencies. Such tycoons’ remarks might stir several emotions in an already anxious market environment.

The crypto fear and greed index, a statistical measure of market emotions, sank to 8 on 17 May, indicating acute fear. This indicator translates the market mood into a simple 0 to 100 scale. Zero represents “Extreme Fear,” and 100 represents “Extreme Greed.”

The last time such a decline occurred was in March 2020, when the COVID-19-induced lockdown suspended all operational processes.

The metric improved marginally and reached 13 at the time of writing, suggesting little buying activity. However, the markets remain volatile, and investors see no indications of recovery.

Global financial markets are trading in the red, and major equities, cryptocurrencies, and currencies are declining, indicating a negative macroeconomic situation.

This might be a correction phase, although present activity levels indicate otherwise. It would be interesting to see what transpires and if a crypto winter is imminent.