As cryptocurrencies become more widely adopted around the world and blockchain is touted as one of the most important technological achievements of the 21st century, many people wonder if Bill Gates, the co-founder of the American technology mammoth Microsoft (NASDAQ: MSFT), has already jumped on the crypto train.
Curiously, despite being one of the most famous ambassadors of technological advancement, Gates still remains very skeptical – if not outright disapproving – about the crypto industry, primarily concerned about volatility and the use of crypto in illegal activities.
As it happens, the legendary Microsoft co-founder has publicly discussed Bitcoin (BTC) and cryptocurrencies over time, but he has never disclosed whether he had any. It seems the chances are slim because his comments related to crypto made at a TechCrunch conference in June 2022 reveal he is still on the fence.
‘Greater fool theory’
According to a CNN report at the time, Gates was quoted as saying that cryptos and non-fungible tokens (NFTs) were “100% based on greater fool theory,” referring to profiting on worthless or overvalued assets as long as people are willing to bid them higher, adding that he was “not long or short” on crypto.
As he explained:
“I’m used to asset classes, like a farm where they have output, or like a company where they make products.”
Earlier, in 2021, Gates said in an interview with CNBC that he was ‘neutral’ on Bitcoin, stating he did not own any and criticizing its volatility, although he did acknowledge crypto’s goal of making money more digital and getting transactions down, which was “something the Gates Foundation does in developing countries.”
‘Better than currency’?
Interestingly, in October 2014, Gates, however, praised Bitcoin as ‘better than currency’ in a BloombergTV interview on the sidelines of the ‘Sibos 2014’ financial services industry conference in Boston.
“Bitcoin is exciting because it shows how cheap it can be. (…) Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Addressing the attendees at the conference, the Microsoft co-founder reiterated his opinion on crypto and stressed that financial transactions in the future would be “digital, universal, and almost free.” However, he also criticized the anonymity of virtual assets like Bitcoin.
Moreover, during a Reddit Ask Me Anything (AMA) session in February 2014, he stated that his organization was “involved in digital money, but unlike Bitcoin, it would not be anonymous digital money,” as he referred to Vodaphone M-pesa, a mobile phone-based money transfer and microfinancing service in Kenya backed by his foundation.
All things considered, Bill Gates does not seem to be a vocal fan of crypto but hope remains as his views do not seem to be as scathing as those of, for instance, Berkshire Hathaway (NYSE: BRK.A) CEO Warren Buffett, who has slammed cryptocurrencies as “rat poison,” and his vice chairman Charlie Munger who referred to them a “bad combination” of “partly fraud and partly delusion.”
FAQs
Earlier, in 2021, Gates said in an interview with CNBC that he was 'neutral' on Bitcoin, stating he did not own any and criticizing its volatility, although he did acknowledge crypto's goal of making money more digital and getting transactions down, which was “something the Gates Foundation does in developing countries ...
Why is Bill Gates against Bitcoin? ›
Gates highlighted the decentralized nature of cryptocurrencies like Bitcoin and their potential to facilitate anonymous and irreversible transactions. These features, according to Gates, pose risks not only to financial stability but also in terms of enabling illicit activities.
Who owns the most Bitcoin? ›
So sometimes, knowing how much BTC an individual has is unclear. What's for sure though, is Satoshi Nakamoto, the mystery genius behind Bitcoin, holds the keys to an enormous stash of over 1.1 million BTC. That's a mind-boggling amount, making Satoshi the biggest whale in the Bitcoin ocean.
Does Bill Gates own Bitcoin? ›
Microsoft cofounder Bill Gates isn't a fan of cryptocurrency. Gates, now fourth-richest person in the world with a net worth of $125 billion, said during a Thursday Ask Me Anything exchange on Reddit that he doesn't own any digital currency. “I like investing in things that have valuable output.
Does Warren Buffett believe in Bitcoin? ›
According to Benzinga, Buffett believes that cryptocurrencies aren't a viable or valuable investment.
Did Elon Musk lose money on Bitcoin? ›
Tesla made a $140m (£113.5m) loss on its Bitcoin investments in 2022, according to filings. The electric car maker told the US regulator it lost $204m on Bitcoin overall, though it gained back $64m through trading.
What Elon Musk says about Bitcoin? ›
“If the price of bitcoin goes down, I lose money,” Musk said. “I might pump, but I don't dump. … I definitely do not believe in getting the price high and selling, or anything like this. I would like to see bitcoin succeed.”
Who is the true owner of Bitcoin? ›
Since Bitcoin is an open-source, decentralised digital currency and blockchain technology, no one owns it. While Nakamoto played a central role in creating and releasing the initial Bitcoin software and white paper, they designed Bitcoin to be a decentralised and community-driven project from the outset.
How many dollars does it take to buy one Bitcoin? ›
BTC to USD
| Amount | Today at 1:04 pm |
|---|
| 1 BTC | $64,885.08 |
| 5 BTC | $324,425.38 |
| 10 BTC | $648,850.75 |
| 50 BTC | $3,244,253.75 |
4 more rowsFor that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment.
Are There Any Bitcoin Billioniares? There are 16 cryptocurrency billionaires in Forbes' ranking of billionaires. Sam Bankman-Fried is still on the list, but Forbes lists the ex-CEO of FTX with no wealth. 16 There are likely many more billionaires who own crypto, but most do not publicize their holdings.
Does Elon Musk still own Bitcoin? ›
revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed.
Who makes money out of Bitcoin? ›
Bitcoin Investors: Individuals who purchase Bitcoin with the expectation that its value will increase over time can make money by selling it at a higher price than what they paid.
Is Bitcoin banned in China? ›
Some of the countries where cryptocurrency is illegal are: Qatar. Saudi Arabia. China1.
Can Bitcoin go to zero? ›
A reasonable assumption that Bitcoin could hypothetically reach the null state of it's value is worth the thought. Even-though such an event is very less likely to take place, there are some factors that could theoretically lead to Bitcoin price crashing to zero.
Who became millionaires because of Bitcoin? ›
Michael Saylor, CEO of MicroStrategy, a software firm that has made heavy investments in bitcoin, is now worth an estimated $4.4 billion, compared to $760 million last year. Brian Armstrong, CEO of crypto exchange Coinbase, is worth an estimated $11.2 billion, up from just $2.2 billion last year.
Why do governments hate Bitcoin? ›
Bitcoin Cannot Be Regulated
Fiat currency is backed by the full faith and credit of a government. This means that governments promise to make a currency borrower whole in case of a default.
Why don't people trust Bitcoin? ›
Bitcoin enabled transactions using only digital identities, granting users some degree of anonymity. This made Bitcoin the preferred currency for illicit activities, including recent ransomware attacks.
What does Mark Zuckerberg think about Bitcoin? ›
During the podcast, McCormack posed a curious question to Marcus, asking if Mark Zuckerberg, Facebook CEO, had any affinity with bitcoin. Marcus responded with a succinct statement: “Yes, yes, yes. He likes bitcoin”.
Why not to use Bitcoin? ›
It does not have all the values of real or fiat currencies. Cryptocurrencies, like Bitcoin and Ethereum, are different from stocks and real money. Crypto is not regulated like stocks or insured like real money in banks. Crypto's high risks can offer big rewards or huge losses.
