Bill Gates says he'd bet against Bitcoin

Fredrick Soto
May 9, 2018

Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill.

His tweet also tagged Berkshire Hathaway Warren Buffett, who - along with Gates, who sits on the company's board of directors - was in Omaha, Nebraska for the firm's annual shareholders meeting. And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future.

The billionaire philanthropist and co-founder of Microsoft said that the major reason why he rejected these new digital currencies is that they do not have any tangible worth.

"I agree I would short it if there was an easy way to do it", he said....

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.

"Gates clarified that though he thought the blockchain, the technology underlying cryptocurrencies that is being tested also in diamond-tracking as well as pig-tracking, is promising, "[Initial Coin Offerings] and Bitcoin are not producing anything, it's kind of a pure greater-fool-theory type investment".

On the subject of ICOs, he considers them to be speculations of a insane variety.

Back in December, Bitcoin reached an all time high of $20,000 dollars.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value. Quoting Buffett, the Reuters report suggested that the billionaire was not at all fond of Bitcoins. The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6. Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year. The recent decline in the value of bitcoin was the first decline in prices in over four days.

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