Bill Gates Explains Why He Has No Interest in Cryptocurrency
Bill Gates maintains he does not hold any cryptocurrencies because he likes to put his money “in firms that have valuable output.” The fourth-richest individual in the world with a personal fortune of $116 billion (£92.8 billion), the founder of Microsoft, made the remarks.
According to Mr. Gates, “the value of firms is built on how they develop excellent goods.” The value of cryptocurrencies, in contrast to traditional assets, “is just what someone else determines someone else would pay for it.”
Around $1 trillion of the value of cryptocurrencies has been deleted since 2022, with $200 billion being erased in just one day earlier this month. The value of Bitcoin, the biggest cryptocurrency, was slightly over $29,300 as of Saturday afternoon, down from its all-time high of more than $68,000 in November 2021. Billionaires other than Mr. Gates also steer clear of cryptocurrency.
At Berkshire Hathaway’s annual meeting in April, CEO Warren Buffett stated his profound skepticism about it. “Over the next year, five years, or ten years, I’m not sure if it will climb or collapse. But one thing is for certain, according to Mr. Buffett: “It doesn’t generate anything. It has magic to it, and people have given magic to many other things.