Microsoft founder Bill Gates has said that he would bet against Bitcoin, and that he won’t be jumping on the bandwagon any time soon.
The Microsoft founder said the cryptocurrency, which has a tendency to fluctuate wildly in value, is one of the crazier, speculative things, during an interview with CNBC’s “Squawk Box” on Monday. He said,
As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,
Gates continued to discredit the virtual coin adding that if he could short it, he would if he had an easy way to do it.
Bitcoin is the most widespread crypto in the world and hit its all time high in late December last year, at a value of almost $20,000. This prompted a frenzy with many people purchasing with the prospect of making a killing within a short period. Similarly, the meteoric rise in Bitcoi’sn value has seen a flurry of new coins and ICOs spring up.
The Microsoft mogul added that someone had given him some Bitcoin as a birthday gift but he saw no reason to hold it, so he sold it.
A Flurry of Billionaires Trashing Bitcoin
Gates was sharing his views from Omaha, Nebraska during Berkshire Hathaway’s annual shareholders’ general meeting over the weekend. This latest Bitcoin bashing does not come as a surprise, since he is a board member of Berkshire Hathaway whose chair, Warren Buffett, had earlier dismissed Bitcoin.
Over the weekend, the multiple billionaire investor, Warren Buffett, told tens of thousands attendees of the shareholders meeting that Bitcoin was rat poison. The billionaire investor argued that cryptocurrency community is in for a bad ending after the euphoria wears off.
Similarly, Berkshire Hathaway’s Vice Chairman Charlie Munger also joined in, discrediting Bitcoin and other cryptos. He claimed that those who trade or invest in Bitcoin is ‘just dementia’. He had previously argued that those who are enthusiastic about Bitcoin and other cryptos are the ones who want to make easy money.
Billionaire Jamie Dimon, head of one of the biggest global money center banks in the world, JP Morgan, has also recently said that Bitcoin is not a real thing. He went on to call it a fraud.
However, while all these big-wigs are undoubtedly savvy investors, it is important to note that they have been proven wrong for their stance on certain aspects, especially those related to tech. Warren Buffett is on record telling Berkshire Hathaway shareholders that he was wrong that he didn’t believe in Amazon and Google at first.
Although Gates is bearish about Bitcoin, like many other critics, he says that the underlying blockchain technology has its merits.
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