The American billionaire, Bill Gates, revealed that he does not invest in cryptocurrencies because they do not “add to society”, from his point of view.
“I don’t own any cryptocurrencies,” Gates said in a question-and-answer session on Reddit last Thursday. “I like to invest in things that have a valuable output, and the value of companies depends on how great products are made.”
“The value of crypto is just what someone else decides to pay someone else for, so it doesn’t add to society like other investments,” the Microsoft founder continued.
Bill Gates’ comments come amid reports of the collapse of the cryptocurrency, as the price of “Bitcoin” fell below $30,000 per share in May, and experts predict it could drop even lower.
Bill Gates has previously expressed his disapproval of cryptocurrency, and in statements to Bloomberg last year, he warned those who engage in cryptocurrency investments to be careful about buying into the crypto boom, especially those who are not as rich as billionaire Elon Musk.
Gates also criticized the environmental impact of cryptocurrencies, which represent a large share of the world’s energy consumption, and last year 2021, cryptocurrency mining accounted for 0.5% of the electricity used globally.