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Microsoft co-founder Bill Gates shares why he doesn't buy cryptocurrencies

Explaining why he never purchased any cryptocurrency, the billionaire philanthropist said he preferred investing in “things that have valuable output”. “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments,” Gates added.

ET Now Digital

Updated May 21, 2022, 16:27 IST

New Delhi: Microsoft co-founder and world’s 4th richest man Bill Gates, who has been a vocal critic of cryptocurrencies, has opened up about why he did not invest in the digital currency. Earlier this week, Gates shared his thoughts during an “ask me anything” session on Reddit.

In February this year, the Microsoft co-founder had criticised cryptocurrencies in an interview to the Wall Street Journal saying, “The way cryptocurrency works today allows for certain criminal activities. It would be good to get rid of that.”

In another earlier interview, the billionaire had underscored the volatility of the digital currency. “Bitcoin can go up and down just based on the mania or whatever the views are, and I do not have a way of predicting how that will progress,” Gates had pointed out.

Meanwhile, crypto assets bled nearly $800 billion in market value over the past month, touching a low of $1.4 trillion on May 10, according to data site CoinMarketCap, as the end of easy monetary policy diminishes appetite for risk assets.

Total crypto market value was at $2.2 trillion on April 2, well off of its all-time peak of $2.9 trillion in early November, as per CoinMarketCap. Moreover, earlier this month it was reported that Bitcoin has slipped 20 per cent since the start of 2022 and continues to be volatile.

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