Bill Gates Bearish on Bitcoin and Cryptocurrency Investments

Fredrick Soto
May 10, 2018

Earlier this year, during a CNBC interview, he predicted that this cryptocurrency craze and all the excitement driving people to invest in them is irrational and "will come to a bad ending" once the excitement wears off.

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

The Microsoft co-founder, Steve Jobs sparring partner, and one-time savior of Apple said that the company in its current incarnation is "amazing" while speaking to the media.

"I would short if there was an easy way to do it", Gates said Monday in an interview on CNBC. But he overlooks the fact that most of the drugs for the longest times have been moved using fiat currencies. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth. Even if he doesn't feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs' new bitcoin derivatives product.

"If people react when you criticise their investment, if they get mad, they're gambling..."

Berkshire Hathaway Vice Chairman, Charlie Munger echoed the comments of Buffett.

Bitcoin had a few positive weeks, but this could all be about to change again, after the Berkshire Hathaway meeting, where some did not have very kind things to say about the number one cryptocurrency at all. "It's like somebody else is trading turds and you decide you can't be left out". And to be fair, bitcoin and other cryptocurrencies had a hard weekend before Gates's comments. "I just know it will happen".

Green added: “Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world? Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER