Why Bill Gates is not a fan of cryptocurrencies

  • Cryptocurrencies have been one of the financial trends that have caused the most talk during the years of the pandemic

  • A multitude of famous people and celebrities have shown their interest in these digital assets in recent years, although cryptocurrencies also have many detractors

  • In a recent AMA on Reddit, Bill Gates stated that he is not interested in cryptocurrencies because he likes to invest in valuable things.

Cryptocurrencies have been one of the financial topics that have given more to talk about during the last two years. Despite having been swarming the market for more than a decade (Bitcoin, the original cryptocurrency, was launched on the market in 2009), this type of currency had remained practically hidden from the general public until the outbreak of the Covid-19 pandemic. put them in the spotlight of thousands of people that, within the economic uncertainty derived from the health crisis, they saw in them a good way to invest their finances.

This phenomenon mainly attracted millennials, a generation lost between two economic recessions and anchored in job insecurity. According to a survey prepared by the American economy channel CNBC and published in December 2021, 83% of millennials had invested in cryptocurrencies. In addition, and despite the losses that these currencies were already beginning to experience, the vast majority planned to increase their investments in 2022.

Millennials were not, however, the only ones who were interested in the boom in cryptocurrencies, which during the years of the pandemic experienced a stratospheric evolution and reached their historical maximum value in market capitalization. Celebrities like Matt Damon, Gwyneth Paltrow, Justin Bieber or Reese Witherspoonamong many others, have shown in recent months their interest in this worldand even encouraged their followers to invest in it despite all the risks that the crypto world entails, although if there is someone who has actively shown an interest in these currencies, that is Elon Musk.

The CEO of Tesla and SpaceX, and the richest man in the world according to the latest ranking of the prestigious Forbes magazine, has spoken on multiple occasions about cryptocurrencies on his official Twitter profile and has proven to be one of the most influential people within this sector, as each of his tweets about cryptocurrencies have shaken the market.

Bill Gates rejects cryptocurrencies

While cryptocurrencies were gaining more and more followers, many other critical voices were raised, drawing attention to its environmental impact and on the multiple risks that this market, due to its volatility, presents for the economy of its investors.

This is the case of Warren Buffet, the Oracle of Oklahoma and the fourth richest man in the world according to the latest Forbes ranking, which has criticized this type of currency on multiple occasions for considering that they are a risky speculative asset and without any value. “If you told me you own all the bitcoin in the world and offered it to me for $25, I wouldn’t take it,” she recently stated. “Because what would I do with it? I would have to sell it one way or another. It’s not going to do anything,” she lashed out.

Buffet’s criticism, naturally, did not sit well with the cryptocurrency sector, but the tycoon is not the only businessman who has been against these currencies. In fact, one of his great friends, Bill Gates, he has also recently stated that he is not interested in the world of cryptocurrencies.

Why Bill Gates is not a fan of cryptocurrencies

Bill Gates and Warren Buffet are two businessmen who have been critical of cryptocurrenciesPA/Cordon Press

He did it during an AMA on Reddit, a kind of virtual conference in which users can send all kinds of questions to celebrities, in which they asked what he thought of Bitcoin and cryptocurrencies.

To the question, the tycoon replied that he does not own any cryptocurrency and that he likes to invest in things that can give valuable results.

I like to invest in things that have valuable results”, he declared. “The value of companies is based on how they make great products. The value of cryptocurrencies is just what someone else decides someone else will pay for it, so it doesn’t add to society like other investments,” he explained.

Previously, the tycoon had already expressed his reservations about Bitcoin, the most famous cryptocurrency of all, and his concern that people get caught up in the maelstrom of this market. And given the surprising drop that cryptocurrencies have experienced in recent months, it seems that he was not far off the mark.

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