Bill Gates: Why not own any cryptocurrency

Microsoft co-founder Bill Gates is not a fan of cryptocurrencies.

Gates is now the fourth-richest person in the world, with a fortune of $125 billion. On Thursday, he said on Reddit’s “Ask Me Anything” forum that he does not own any digital currency.

“I like investing in things of value. The value of a company is in how they make a great product, but the value of a cryptocurrency is just the amount some people think others will pay for it, so it doesn’t contribute to society like other investments .”

Bill Gates: Why not own any cryptocurrency

Gates has also previously expressed some doubts about Bitcoin. In an interview with Bloomberg in February, the billionaire expressed concern about ordinary people getting caught up in the bitcoin frenzy, and he may have a point. Since the collapse of stablecoin TerraUSD last week, the cryptocurrency market has been in free fall, dragging other digital currencies as well. This month, Bitcoin is down 27%, while Ethereum is down 36%.

“If you don’t have the money of Elon (Musk), then you probably have to be careful,” he said in February.

Gates covered a wide range of topics in the “Ask Me Anything” segment. He again denied the bizarre conspiracy theories that people wanted to be tracked by vaccines implanted in their heads with microchips.

“Why would I want to know where people are? What am I going to do with this information?” he said.

On the question of whether billionaires should pay more in taxes, Gates has previously said he will pay more, but he also warned that excessive tax rates could lead to more tax evasion.

“Having a marginal tax rate over 60%, if your system allows it, usually leads to a lot of sophisticated avoidance. It’s odd that capital gains rates are lower than ordinary income. Estate taxes can go over 60% to some extent — but Surprisingly few countries have such a tax.”

Since the Q&A took place on Reddit, it’s no surprise that someone asked about GameStop, a stock most popular with retail investors on Reddit.

“I’ve never been long or short on GameStop,” Gates said. He did not, however, answer questions about his Tesla short, which is said to have angered Musk so much that he pulled out of a potential philanthropic partnership with Gates.

In response to Musk’s public criticism, Gates said earlier this month that shorting Tesla “has nothing to do with climate change,” stressing that there’s a difference between shorting an electric car maker and shorting the entire electric vehicle industry

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bill-gates-why-not-own-any-cryptocurrency/
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