The richest man on planet earth Bill Gates, has expressed his thought toward CryptoCurrency. And it is a No-No for him.
Bill Gates called Bitcoin and other cryptocurrencies an investment that is subject to the ‘greater fool theory’. This he said during Berkshire Hathaway’s annual shareholders’ meeting.
The term “Greater Fool Theory” is used to describe an asset that is resembling a game of hot potato. The investors that manage to cash in on such a type of investment are the ones who end up cashing out on time. The statement from the Board member of Warren Buffet’s Berkshire Hathaway comes as the total market cap of cryptocurrencies dropped from over $813 billion to about 438 billion as of today.
Moreover, Bill Gates also revealed that he was gifted some bitcoin for his birthdays sometime ago, but sold it a couple of years later.
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Below is Bill Gates full statements during the CNBC’s show “Squawk Box.” He said:
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,”
Aside from Bitcoin, Gates also singled out ICOs as some of the riskiest and speculative bets available to the public. The opinion shared by the founder of Microsoft is not very surprising considering he shared a negative opinion on Reddit that was widely.
However, while Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.