The legendary founder of Microsoft and the world’s fourth-richest person, Bill Gates, has recently bashed bitcoin and other cryptocurrencies, saying that they have no value and do not contribute anything to society.
Expressing his opinions during an Ask Me Anything (AMA) session on Reddit, Gates pointed out that he is not interested in cryptocurrencies and does not invest in them.
He said, “I don’t own any. I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”
Gates’ latest criticism of bitcoin comes just a few weeks after legendary investors and prominent bitcoin critics, Warren Buffett and Charles Munger, slammed the digital asset.
Not Bullish on Bitcoin
This would not be the first time Gates has expressed his lack of enthusiasm toward bitcoin, despite the massive amounts of interest the digital asset has been getting in recent times.
While several other billionaires, including Tesla’s Elon Musk and MicroStrategy’s Michael Saylor, have acknowledged bitcoin’s potential, Gates does not share their sentiments.
The billionaire made his stance clear in an interview with Bloomberg last year shortly after Tesla’s bitcoin purchase, voicing his concerns about the extremely volatile nature of bitcoin and mainstream investors jumping into the bitcoin mania.
He said, “If you have less money than Elon, you should probably watch out.”
Institutional Interest Continues Unabated
The crypto market has been on a freefall following the catastrophic collapse of Terra’s native token, LUNA, and its algorithmic stablecoin, UST. The crash had adversely affected the entire digital asset market, with bitcoin’s price down by more than 27% this month.
Nevertheless, institutional investors are not showing any sign of slowing down as they continue to acquire more of their digital assets and invest in bitcoin-focused firms. Last week, amid the LUNA-UST saga, banking giants Goldman Sachs and Barclays participated in a $70 million fundraising event for Alan Howard’s Elwood Technologies.
The Central American nation of El Salvador also added 500 BTC, worth $15.5 million at the time, to its bitcoin treasury amid the selloff.
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