Bill Gates Is Confident About Cryptocurrencies Being Worthless

The billionaire and founder of Microsoft, Bill Gates, is known in the crypto waters as a notorious Bitcoin skeptic who says that he would bet against the leading cryptocurrency if he could because he believes that “cryptocurrencies are worthless investments that people profit from by pawning their profits to a ‘greater fool’ than themselves.”

As he told CNBC on May 7th during a joint interview with his billionaire friends Warren Buffett and Charlie Munger:

“I would short it if there was an easy way to do it. As an asset class, you’re not producing anything, so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”

The three billionaires had more to say about Bitcoin. Buffett called the leading cryptocurrency “rat poison squared”, followed by Bill Gates who conceded that blockchain (the technology behind blockchain) can be very useful.

“Bitcoin and ICOs, I believe completely that [they’re some] of the crazier, speculative things [you could invest in].”

Of course, it is obvious that if Gates really wanted to short Bitcoin, he has a couple of options. However, he doesn’t do that and is not interested in such activities, according to rumors.

During the same interview, Charlie Munger who is the vice president of Berkshire Hathaway, also called Bitcoin “worthless” and stated:

“Bitcoin is worthless, artificial gold. That is not something I think the world needs. The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.
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‘”

All of these billionaires are skeptical towards the future of cryptocurrencies and see the market in a cynical way.