The American computer programmer and entrepreneur who co-founded Microsoft Corporation – Bill Gates – revealed he had not distributed some of his wealth into cryptocurrencies. He said he likes investing in things that have “valuable output,” arguing digital assets do not fit this bill.
Crypto Is Not Bill Gates’ Cup of Tea
One of the world’s wealthiest people – Bill Gates – answered some interesting questions on Reddit’s interactive post “Ask me Anything.” Asked whether he has exposure to the cryptocurrency market, the billionaire said he doesn’t own any such assets. Gates disclosed he invests in things with “valuable output,” such as companies that could make great products, which is how they justify their value.
On the other hand, he opined crypto is “just what some other person decides someone else will pay for it so not adding to society like other investments.”
At the beginning of 2021, Gates predicted that digital currencies will eventually emerge as the main form of payment method. However, he took a “neutral view” on bitcoin, saying he is not a HODLer, nor he would short it.
Shortly after, he warned people to be utterly careful when investing in BTC as they could suffer severe financial losses. He further advised everyone who has less money than Elon Musk to “watch out” when diving into the digital asset universe. Currently, this means literally every single person since Tesla’s CEO is the richest man across the globe.
Wealthy People Who Think Highly of Bitcoin
Contrary to Gates’ skepticism, there are numerous prominent investors and entrepreneurs who are keen on BTC and often praise it as a great investment tool.
Such an example is one of Apple’s inventors – Steve Wozniak. Last summer, he said the leading digital asset is better than gold, describing it as a “mathematical miracle.”
Orlando Bravo – known as the first Puerto Rican-born billionaire – is also very bullish on BTC. He classified it as a “great,” “frictionless” asset that is “here to stay.” In his view, young people are attracted by its decentralized nature as they might establish a future financial network based on it.
For his part, Barry Sternlicht – Co-Founder of the investment fund Starwood Capital Group – claimed bitcoin’s pre-determined maximum supply of 21 million ever to exist makes it an appropriate hedge against inflation, which made him invest in it.
It is also worth mentioning Bill Miller, who remains bullish on BTC despite the recent market crash. Last week he said the asset is an “insurance against financial catastrophe,” while its value comes from the fact that “it can’t be touched by the government.”
Featured Image Courtesy of Seattle Times