The American computer programmer and businessman who co-founded Microsoft Corporation, Bill Gates, revealed that he had not distributed part of his wealth in cryptocurrencies. He said that he likes to invest in things that have “valuable products”, arguing that digital assets do not fit this bill.
Crypto is not Bill Gates’ cup of tea
One of the richest people in the world, Bill Gates, answered some interesting questions in the interactive Reddit post “Ask me Anything”. When asked if he has any exposure to the cryptocurrency market, the billionaire said that he does not own any such assets. Gates revealed that he invests in things with “valuable returns,” like companies that could make great products, which is how they justify their value.
On the other hand, he opined that cryptocurrencies are “just what someone else decides someone else will pay for so they don’t add to society like other investments.”
In early 2021, Gates predicted that digital currencies will eventually emerge as the main form of payment. However, he took a “neutral view” on bitcoin, saying he is not a HODLer, nor would he short it.
Shortly after, he warned people to be very careful when investing in BTC as they could suffer serious financial losses. Furthermore, he advised everyone with less money than Elon Musk to “be careful” when diving into the universe of digital assets. Currently, this means literally everyone, as the CEO of Tesla is the richest man in the world.
Bill Gates, Source: Bloomberg
Rich people who think highly of Bitcoin
Contrary to Gates’ skepticism, there are numerous prominent investors and entrepreneurs who are interested in BTC and often praise it as a great investment tool.
Such an example is one of the inventors of Apple – Steve Wozniak. Last summer, he said the top digital asset is better than gold, describing it as a “mathematical miracle.”
Orlando Bravo, known as the first billionaire born in Puerto Rico, is also very bullish on BTC. He classified it as an “excellent”, “frictionless” asset that is “here to stay”. In his opinion, young people are attracted by its decentralized nature, as they could establish a future financial network based on it.
For his part, Barry Sternlicht, co-founder of the investment fund Starwood Capital Group, stated that bitcoin’s default maximum supply of 21 million makes it adequate protection against inflation, which led him to invest in it.
Also worth mentioning is Bill Miller, who remains bullish on BTC despite the recent market crash. Last week he said the asset is “insurance against financial catastrophes”, while its value comes from the fact that it “cannot be touched by the government”.
Featured image courtesy of the Seattle Times
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