Bill Gates on Bitcoin & Crypto: “No Valuable Output”

Bill Gates talked about crypto and Bitcoin in an Ask me Anything thread on Reddit on May 19, 2022. In his opinion, cryptocurrencies provide no social added value.

Billionaire and Microsoft founder Bill Gates once again commented on Bitcoin and cryptocurrencies and sharply criticized them. Back in March 2022, Bill Gates warned people about the dangers that crypto can pose. For Bill Gates, the high volatility of cryptocurrencies is a danger to small investors. He said in an interview with Bloomberg:

“If you have less money than Elon, be careful.”

Nevertheless, at the time, Bill Gates was of the view that digital money in itself “was a good thing,” especially for developing countries that could benefit from capitalization. The Bill and Melinda Gates Foundations are also said to be interested in such projects. Bill Gates was also critical of the lack of regulation in the crypto sector. In addition, Gates is not a bitcoin bull:

“I believe that people who may not have that much money on hand are being sucked into these ways, so I’m not optimistic about bitcoin.”

Bill Gates: Crypto offers no added value

In the Ask me Anything thread, a Reddit member asked him what he thought about Bitcoin and cryptocurrencies, and whether he owned any himself. Bill Gates replied:

“I own none. I like investing in things that have a valuable output. The value of companies is based on how they make great products. The value of cryptocurrencies is only what another person decides that another will pay for it, so no contribution to society like other investments. “

Bill Gates has also repeatedly criticized Bitcoin’s environmental damage in the past. He believes that there are better cryptocurrencies than Bitcoin. Gates, who has made it his mission to fight climate change, stated in a 2021 interview:

“Bitcoin uses more electricity per transaction than any other method known to man […] That is not a good thing for the climate. “

Despite this, the Microsoft founder believes that it’s okay to mine bitcoin or crypto as long as it happens with renewable energy:

“If it’s green power and it does not displace other uses, it might be okay.”

What does Apple founder Wozniak say about Bitcoin and cryptocurrencies?

Apple co-founder Steve Wozniak is a bitcoin supporter compared to Bill Gates, but thinks a bit about most cryptocurrencies and NFTs. He also warned people about the dangers that ill-considered crypto investments can pose. Wozniak himself used to own BTC to “experiment” with it. However, he sold his BTC because he did not want to make money on it. Wozniak has also never invested in stocks because, according to him, it does not make him happy.

Wozniak even believes the Bitcoin price could reach $ 100,000. However, he could not give an explanation for that. In March 2022, he said in an interview that his “gut feeling” tells him this.

Moreover, Steve Wozniak described Bitcoin as “the only one [Kryptowährung], which is pure gold mathematics ”. In an interview with Yahoo Finance, he explained: “Bitcoin is mathematics, mathematical purity. There can never be another bitcoin. Bitcoin does not even have a creator that we know of.[…] Bitcoin is not operated by any company. It’s just mathematically clean. And I always believe more in nature than in man. “

He sees most other crypto projects as scams that exist only to rip people’s money off: “There are so many cryptocurrencies coming out now; everyone has the opportunity to create a new one and you have a prominent star in there, ”Wozniak said. “It seems like they’re just raising a lot of money from people who want to invest in the very first phase when it’s still worth the penny.”

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