Gates prefers investing in things with ‘valuable output’ instead of crypto
Bill Gates‘s fortune doesn’t appear to rely on the cryptocurrency market, as he told the world this week he doesn’t have any shares in the blockchain currency.
The Microsoft founder answered several questions during a Reddit “Ask Me Anything” on Thursday, speaking about COVID-19, farming, and his preferences about mobile phones. But he also elaborated on his views of cryptocurrency, particularly after the crypto market crashed last week.
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“I don’t own any [cryptocurrency],” Gates wrote. “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.”
Gates has been critical of cryptocurrency in the past. “Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates told the New York Times’s Andrew Ross Sorkin in May 2021. “It’s not a great climate thing.”
Gates’s crypto approach appears to differ from other tech CEOs’ interests. Apple CEO Tim Cook confirmed in Nov. 2021 that he owns cryptocurrency and that the tech company is looking into crypto as well. Former Twitter CEO Jack Dorsey also has a vested interest in crypto, as his other company, Block, is focused on the blockchain.
The crypto market crashed the week of May 12, losing nearly $1 trillion in value. The crash has led some to worry about whether it could spark a financial crisis.
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There are also some concerns about how the market might be regulated. Biden administration officials such as Treasury Secretary Janet Yellen have expressed an interest in regulating cryptocurrency within the United States, particularly in light of the recent crash.