Bill Gates States Why He is Against Crypto

Microsoft Billionaire Talks about Cryptocurrency

 In a conference held on Reddit, the fourth richest man made known his stance on the crypto industry. The founder of Microsoft mentioned a couple of things on “Ask Me Anything”, one of those things being that he does not invest his money in any crypto asset.

Bill Gates is not new to the anti-crypto group, as he previously stated his views on the industry which are not favorable. In earlier interviews, Mr. Gates mentioned his distaste toward Bitcoin, due to its unreal consumption of energy.

He argued that it harnesses more electricity than every other energy consumption known to humans. However, he stated that he would be fine with Bitcoin if it somehow managed to use only green energy. 

He said if Bitcoin was able to use green electricity and not crowd out other uses, it might be okay. He mentioned that the topic isn’t deeply related even if he will be called a Bitcoin skeptic.

Just like in his former statement where he mentioned he invests in companies that make products, he also reiterated that he only invests in assets that hold ‘valuable function’. So Gates sees the value of a company is due to the creation of high-level products.

In his opinion, the value of cryptocurrency is completely built on speculations that someone somewhere will pay for it later.

In an interview earlier in February, he mentioned in an interview that more people are being drawn into the hyped-up world of crypto.

Pro Crypto Camp vs The Anti-Crypto Camp

Billionaires all over the world have different views about the crypto industry and over the years they have voiced their beliefs one way or the other and have shown which side of the wall they belong to. They can be divided into the Pro Crypto group and the Anti-Crypto group.

The two camps have quite notable names in their tents. The Pro Crypto camp has the former head of Twitter, Jack Dorsey, who dropped the platform to place more attention on his crypto-based company known as Block. 

In the same camp is the world’s current richest man Elon Musk. The world’s richest man casually mingles with crypto fans and affects the industry with just his tweets, there is also Jeff Bezos, the Amazon head is rumored to have invested millions of dollars into crypto assets.

Along with Bill Gates in the other camp is Warren Buffet. The Wall Street Legend regularly mentions that crypto is an ordinary banal Ponzi scheme.

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