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- Published: May 20, 2022 18:55
New Delhi: Bill Gates, Microsoft founder and one of the world’s richest persons on the planet is not a fan of cryptocurrency. The billionaire doesn’t hold any cryptocurrency and harbours no desire to own one. The reason behind – he believes that cryptos have no valuable output and in no way adds value to society. Days ago, Warren Buffett termed the crypto as ‘worthless’.
The revelation by Gates, once the richest person on earth, comes as setback for crypto fans & lovers who swear by the new digital currency and assume it to be a ‘fate-changer’ and ultimate fortune maker. The crypto currency & coins took the global economy by storm in 2021, drawing hordes of young investors in its fold, as the markets generated huge financial wealth. The surging cryptos including Bitcoin, Ethereum & few others recorded unprecedented growth not just in US or Europe but also in third world countries across Asia & Middle East. This year, however, the crypto markets wobbled and largely remain on the brink.
Gates, being the world’s fourth richest person with a net worth of $125 billion, never had an inkling to tap into the crypto markets nor has any desire to cash in on the opportunity because much like fellow billionaire Warren Buffet, he assumes cryptos to be ‘useless’.
And, the reason behind ‘no interest’ is that he doesn’t see any value in crypto investments. Moreover, ‘cryptos not any adding anything to society’ has remained a major turn-off for the American businessman.
During an ‘Ask Me Anything’ exchange on Reddit, Gates said, “I don’t own any. I like investing in things that have valuable output. 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.”
In contrast to Bill Gates & William Buffett, there are other billionaires who have shown keen interest in crypto investments. Billionaire Elon Musk has ‘pocketed’ quite a few cryptos and remains bullish on others. His playful banter on ‘baby cryptos’ often had the crypto lovers gyrating to his antics.
Bill Gates has made his aversion to cryptos, known earlier also. But, this time, the billionaire expressing reservations against the crypto currency becomes all the more pertinent because of severe downtrend and headwind in the digital currency market. Bitcoin, the most populary crypto is trading 27% lower while Ethereum has seen investors’ wealth wiping out by 36% while TerraUSD has been caught in a freefall.
Gates also touched on some other issues during his interaction. Though he advocated higher tax bracket for ‘super rich’ but warned that adding ‘extra pressure’ would prompt them to find escape route.