For Bill Gates, cryptocurrencies “do not bring anything to society”

On the Reddit forum, Bill Gates explained why he does not own cryptocurrencies.

It is not just Christine Lagarde, the boss of the European Central Bank (ECB), who considers that cryptocurrencies are “worthless”.

At a ‘Ask Me Anything’ exchange on the Reddit platform last week, billionaire and Microsoft co-founder Bill Gates explained why he doesn’t own cryptocurrencies. Among the stream of questions asked, a user asked him what he thought of bitcoin and cryptocurrencies.

“I don’t own one,” Gates wrote. “I like to invest in things that add value. The value of companies is based on how great they make great products. The value of cryptocurrencies is just what another person decides someone to something else will pay for it, so it doesn’t add anything to society like other investments,” Gates said.

Critics that are not far from those already issued in early May by billionaire and financier Warren Buffett. Bill Gates’ statement comes two weeks after the cryptocurrency and stablecoin market stormed. He did not, however, make any other comment about cryptocurrencies.

“You should probably be careful”

This is not the first time that Bill Gates has made a critical judgment on cryptocurrencies. In an interview with Bloomberg in February 2021, Bill Gates had already expressed real skepticism towards bitcoin.

“So I’m not bullish on bitcoin and I think if you have less money than Elon Musk, you should probably be careful,” Musk said.

The latter had pointed out certain criticisms made of bitcoin, such as its impact on the environment, or the fact that cryptocurrency does not allow many transactions to be carried out per second, unlike payment networks. such as Visa or Mastercard.

Contrary to Bill Gates, Christine Lagarde gave more indications Tuesday on her vision of the sector.

“I have always said that cryptocurrencies are highly speculative and very risky assets. My very humble assessment is that it is worthless. It is not based on anything, there are no underlying assets to act as an anchor of security,” said the head of the ECB.

The latter also says that she is very worried to see Individuals invest their savings. “Many have no knowledge of the risks involved. They risk losing everything. This is why I think that all this should be strictly supervised”, considers the latter.

In the end, the two share the same vision of cryptocurrencies: considered worthless and risky for individuals and investors.

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