In two of his recent interviews, Microsoft Founder Bill Gates has described his neutral position on bitcoin. He is not fond of currency and thinks that the world would be better off without cryptocurrency innovation.
The interviewer asked bill gates about the climate threat posed by bitcoin’s power-hungry sector. He replied by describing his point of view on currency as ‘neutral’. Also, he took the opportunity to mention that there are no bitcoin owned by him.
Mania and ‘Greater Fool Theory’:
Like many other financial analysts, Bill gates also believes that bitcoin’s price is highly dependent on speculations.
“Bitcoin can go up and down just based on the mania or whatever the views are, and I don’t have a way of predicting how that will progress.”
While his views may sound dismissive of bitcoin’s potential at this point, however, he was way more critical of the currency in 2018. In his interview with CNBC at that time, Mr. gates 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.”
Bill gates is clearly not a fan of bitcoin. He also pointed at the criminal activities involving cryptocurrency. At the question of the tech innovation without which world would be better off, Gates mentioned ‘cryptocurrency’ to be the one.
The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that.
Differing Views of Billionaires on Crypto:
The crypto industry is growing at a rapid pace. The current market cap of cryptocurrency is higher than 1 trillion dollars. The digital currency enthusiasts are hyper-focused on how the financial industry reacts to the crypto boom.
Elon Musk, another tech billionaire like bill gates, has a positive view of cryptocurrency. In fact, in a recent dialogue on Twitter Elon hinted towards creating his own Marscoin. Besides, Elon’s company Tesla has invested 1.5 billion dollars in bitcoin.
Billionaires have differing views on cryptocurrency. However, the fintech industry has so far carved its own path. Things are likely to remain so in near future.