Gates said this when representing Breakthrough Energy, the venture capital firm he established to invest in renewable energy sources, at a climate conference presided by TechCrunch.

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Bill Gates also noted:

“I’m used to asset classes … like a farm where they have output, or like a company where they make products. I’m not involved in that. I’m not long or short any of those things.”

Mocking the Bored Ape Yacht Club NFTs, which generated millions of dollars in funding and endorsed by various celebrities, the multi-billionaire questioned how expensive digital photographs of monkeys would bring improvement to the world.

TechCrunch tweeted, “Bill Gates tells us what he really thinks of Bored Apes at #TCClimate.”

Bill Gates tells us what he really thinks of Bored Apes at #TCClimate: pic.twitter.com/vBc8BaaTup

— TechCrunch (@TechCrunch) June 14, 2022

According to Bill Gates, digital banking, which he has been promoting through his charitable organizations, is more efficient than cryptocurrencies.

Bill Gates Has Been a Stern Crypto Critic

Bill Gates has been vocal about his status of not being a fan of Bitcoin (BTC) and crypto as a whole.

Back in May 2022, during an AMA session on Reddit, he spoke about the reason why he does not own any cryptocurrency.

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On this point, he 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.”

Also, he had once stated that only those with the kind of Elon Musk’s wealth should get themselves involved in crypto investment.

He said, “If you have less money than Elon, you should probably watch out,” adding 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.”

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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.

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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.”

Bill Gates Has Been Skeptical About Bitcoin and Crypto

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.”

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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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