While billionaires like Tesla CEO Elon Musk and MicroStrategy’s Michael Saylor have put their support behind bitcoin, often tweeting in favour of the virtual currency, Microsoft Founder Bill Gates has come out as a sceptic of the new industry’s potential.
Mr. Gates said during an ‘Ask Me Anything’ debate on Reddit that he did not hold any cryptocurrencies.
Mr. Gates, the world’s fourth-richest person, has said that he sees no value in crypto investments. He also shared his thoughts on a variety of other issues, including whether billionaires should pay more taxes.
He said, “I don’t have any.” I like to invest in things that provide a worthwhile product.
He highlighted that the worth of a business is determined by how well it produces outstanding things, not by how others view it.
“The value of cryptocurrency is just what someone else determines someone else will pay for it, therefore it does not contribute to society like other investments,” he continued.
This is not the first time a wealthy entrepreneur has raised concerns about cryptocurrency.
Meanwhile, his opinion now looks to be more relevant as the crypto industry faces major headwinds after the freefall in the TerraUSD “stablecoin” last week.
Bitcoin, the world’s biggest cryptocurrency by market value, has fallen 27% in the last month, while Ethereum, the second-largest, has dropped 36%.
