BILL GATES DOESN’T OWN CRYPTO HE SAYS HE LIKES TO INVEST IN VALUABLE OUTPUT THINGS
“The number of companies depends on how well they make good products,” he wrote. "The value of crypto is what one person decides that someone else will pay for, so they can not add to the community like other currencies."
Crypto crashed and burned earlier this month, and $ 200 billion was cleared in just 24 hours. Rising inflation, rising interest rates, and global inflation may also play a role, reports Marco Quiroz-Gutierrez of Fortune earlier.
Gates is not the only man among the richest in the world to avoid crypto. Berkshire Hathaway CEO Warren Buffett and vice-chairman Charlie Munger took turns beating bitcoin at an annual general meeting of Omaha shareholders, Neb., In late April.
“Whether it goes up or down next year, or five or 10 years, I don't know. But one thing I'm sure of is that it does not produce anything, "Buffett said of cryptocurrency, as reported by CNBC.
He also criticized the inactive nature of bitcoin, saying that if he invested in housing, they would generate rent, and if he invested in farms, they would produce crops.
Munger took a slightly narrow approach, saying "in my life, I try to avoid stupid and ugly things and make me look bad ... and bitcoin does all three."
"First of all, it's stupid because it can probably go to zero." "It's bad because it undermines the Federal Reserve System ... and thirdly, it makes us look stupid compared to the Communist leader in China. He was smart enough to block bitcoin in China."
Buffett had previously called crypto "square rat poison," according to CNBC. And earlier this year Munger said it was "like a venereal disease," according to CNN.
Source : yahoo