Bill Gates on Why He Doesn’t Own Any Cryptocurrency

Bill Gates on Why He Doesn’t Own Any Cryptocurrency
Microsoft founder-turned-philanthropist Bill Gates smiles during the Global Investment Summit at the Science Museum in London on Oct. 19, 2021. Leon Neal/POOL/AFP via Getty Images
Benzinga
Updated:
Microsoft Corporation founder Bill Gates has said he doesn’t own any cryptocurrency because he prefers to invest in things that have “valuable output.”

What Happened

Over the weekend, Gates responded to a number of questions from users across the world on a Reddit “ask me anything” thread.

In response to one particular question about his thoughts on Bitcoin and other cryptocurrencies, Gates explained why he doesn’t own any form of digital currency.

“I don’t own any. I like investing in things that have valuable output,” he said.

“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 Microsoft founder’s stance on digital assets appears to have turned more skeptical over the last year. In an interview with CNBC last February, Gates said he was “neutral” about Bitcoin and said that moving money into a more digital form to bring down transaction costs was a good thing.

Later that week, he went on to warn people against investing in cryptocurrencies if they have less money than Tesla Inc CEO Elon Musk.

“Elon has tons of money and he is very sophisticated. If you have less money than Elon, you should probably watch out,” said Gates at the time.

By Samyuktha Sriram
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