Bill Gates said he doesn't own any cryptocurrency because it isn't 'adding to society'
Bill Gates said he doesn’t own any cryptocurrency because it isn’t ‘adding to society’
Bill Gates said he doesn’t invest in cryptocurrency because he likes investing in things with “valuable output.” Gates has cautioned people against investing in crypto before, especially those with “less money” than Elon Musk. Gates has also warned about the environmental impact of crypto. Sign up for our weekday newsletter, packed with original analysis, news, and trends — delivered right Microsoft co-founder and fourth-richest person in the world Bill Gates says he isn’t a cryptocurrency investor because it isn’t “adding to society.”
On Thursday, Gates did a Reddit Ask Me Anything in which a user asked his thoughts on Bitcoin and cryptocurrencies.
“I don’t own any,” Gates wrote. “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.”
The statement from Gates comes amid reports of a crypto crash. Bitcoin’s price fell below $30,000 a share in May and experts say that it could fall even lower.
Gates has expressed disapproval about cryptocurrency before. He once warned those getting into crypto investments to be wary about buying into the crypto boom, especially those who were not as rich as Tesla and Space X founder Elon Musk .
“I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out,” Gates told Bloomberg in 2021.
He’s also railed against the environmental impact of crypto, which accounts for a large share of the world’s energy consumption. In 2021, crypto mining accounted for .5% of the electricity used globally.
Check out: Personal Finance Insider’s picks for best cryptocurrency exchanges