Bill Gates, the co-founder of Microsoft, has recently revealed why he chose not to invest in any cryptocurrency, including Bitcoin (BTC), the flagship crypto.
Gates, who is currently the fourth richest person in the world with a net worth of $125 billion, shared his opinion about crypto and why he does not own any digital currency during a Thursday Ask Me Anything (AMA) session on Reddit.
On why he holds no digital currency, Gates said:
“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 has long been skeptical about Bitcoin (BTC). While speaking of Bitcoin in a February interview with Bloomberg, the Microsoft co-founder said “If you have less money than Elon, you should probably watch out.”
He added that “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down…
“I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin.”
Elon Musk, the world’s richest person, with a net worth of $218 billion, according to Forbes, is notably a Bitcoin fan. He’s accustomed to tweeting about crypto, especially Bitcoin (BTC) and his choice meme-token Dogecoin (DOGE).
Gates, on the other hand, is specifically concerned about the lack of regulation around Bitcoin and crypto as a whole. He highlighted two of the main risks associated with Bitcoin and other forms of cryptocurrency: They’re decentralized, and they can be highly volatile.
Gates said, “[Bitcoin] happens to promote anonymous transactions,” Gates said. “They’re not reversible transactions.”
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