- Bill Gates said he doesn’t invest in cryptocurrency because he likes to invest in things with “value output.”
- Gates has previously warned people against investing in crypto, especially those with “less money” than Elon Musk.
- Gates also warned of the environmental impact of crypto.
Bill Gates, the co-founder of Microsoft and the fourth richest person in the world, says he is not a crypto investor because he “does not contribute to society”.
On Thursday, Gates a Reddit Ask Me Anything where a user asks their thoughts on Bitcoin and cryptocurrencies.
“I don’t own any,” Gates wrote. “I love investing in things that have valuable outputs. The value of companies depends on how they make great products. The value of crypto is deciding that someone else will pay for it, not contributing to society like other investments.”
Gates’ statement came amid reports of a crypto crash. of bitcoin price dropped below $30,000 per share It’s in May, and experts say it could drop even more.
Gates previously stated that he did not approve of the cryptocurrency. once warned getting into crypto investments Be especially wary of the crypto boom, which isn’t as rich as Elon Musk, the founder of Tesla and Space X.
“I think people are caught up in these maniacs who don’t have a lot of money to spend, so I’m not optimistic about Bitcoin, and my general opinion is that if you have less money than Elon, you should probably watch it out,” Gates told Bloomberg in 2021.
It also fears the environmental impact of crypto, which accounts for a large portion of the world’s energy consumption. In 2021, crypto mining accounted for 0.5% of electricity used globally.