In a recent Reddit AMA, Bill Gates said Bitcoin is one of the craziest speculative things, and the price only goes up when other investors decide to invest in it. He also added that the value of the companies is based on how they make great products. The value of crypto is just what other person decides someone else will pay for it, so not adding to society like other investments.
In another interview with Bloomberg in February, 2022, he expressed his concern for retail investors who are everyday getting sucked into the Bitcoin frenzy.
Does Bill Gates Own Any Bitcoin?
Bill Gates, in his recent AMA, confirmed he does not own any. Investing in Bitcoin is not what Bill Gates believes in, as he believes in investing in companies who make great products. He thinks Bitcoin does not have any valuable output, and thus does not tick Bill’s investing checklist.
What Netizens Think of Bill Gates’ Comment?
In reply to Bill Gates’ ‘unproductive asset‘ comment, netizens said that Bitcoin produces trust.
It does so by removing subjectivity and eliminating authorities, creating a system that can’t be manipulated. Trust in institutions keeps eroding and it is a scarce, valuable service.
This was a recent response of Jameson Loop to Bill Gates’ comment on Bitcoin as an “unproductive asset”.
Technology behind Bitcoin is Extraordinary, But A Centralized Alternative Needs to be Built: Bill Gates
In one of his past interview, he said that Bitcoin is better than currency and large transactions currency can get pretty inconvenient, so there needs to be a technology similar to Bitcoin where people can feel comfortable and there is no place for terrorism or money laundering.
Here is a short clip of the interview.
Bill Gates appreciated the concept of digital currency and he added that the Gates Foundation does a lot in terms of digital currency but there, it can be seen who is making the transactions, unlike Bitcoin.
What Other Billionaires Think About Bitcoin?
Let us look at what other Billionaires think of Bitcoin.
Elon Musk on Bitcoin
Elon Musk, in an interview said that Bitcoin is primarily going to be a means of legal as well as illegal transactions which is not necessarily a bad thing. Here are the views of other billionaires on Bitcoin along with Elon Musk.
He owns a few more cryptocurrencies other than Bitcoin which are Ethereum and Dogecoin. He also says that he has no plans regarding the selling of any of these currencies.
However, in 2021, Elon did acquire Bitcoin. The exact number of Bitcoin he holds is not known.
Charlie Mungar on Bitcoin
In 2013, Charlie Mungar said that Bitcoin is a rat poison whereas Bill Gates added that it is a technical tour to force but that’s an area where governments are going to maintain a dominant role.
Other billionaires including Ray Dalio and Jack Ma are not big fans of Bitcoin either. Ray Dalio believes that Bitcoin is not an effective medium of exchange of money. It is not easy to buy things on Bitcoin.
Whereas Jack Ma says that he is in favor of a cashless society but Bitcoin cannot be used by all. He also added that he does not know much and does not even pretend that he knows, and is as curious as other people are about Bitcoin.
According to Bill Gates, people get bought into these manias who may not have as much money to spare. He also added that his general thought would be that if you have less money than Elon Musk, then you should probably watch out.
Our Take on Bill Gates’ Recent Bitcoin Comment
Bill Gates only believes in investing in valuable outputs. In his words,
I like investing in things that have valuable output. 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.
However, we believe Bitcoin holds value. It distributes money among the community in the most decentralized manner. There is a growing community backing it. There has been no other alternative to Bitcoin yet.
It has been more than 13 years already and yet no one could hack it. Can you transfer 1 Billion dollars without paying a huge fee using any centralized method? Not that we are aware of. If you know, do share the same under the comment section.
We understand that Bitcoin is not stable. It is highly volatile. However, it is still the fastest and cheapest mean to transfer huge money in comparison to the other traditional banking methods.
Bitcoin made it possible to send and get money anywhere at any time. Even the highest amount of money transaction is safe with Bitcoin. No higher authorities have CONTROL over your money. Let us know in the comments, what you guys think of Bill Gates’ recent comment on Bitcoin.
You can read the entire Bill Gates’ Reddit AMA thread here.