Since cryptocurrency became a thing in the past decade, millions have invested heavily, including major celebrities, athletes, and musicians. However, some of the wealthiest people in the world have not been as active in the crypto market, including the fourth-richest person in the world, Microsoft co-founder Bill Gates. On a Reddit Ask Me Anything, Gates opened up on the subject when a user asked his thoughts.
“I don’t own any,” Gates revealed. “I like 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 will pay for it, so not adding to society like other investments.”
The crypto market crashed and burned earlier this month, erasing $200 million in 24 hours. Fortune’s Marco Quiroz-Gutierrez reported that the rising inflation, interest rate hikes, and geopolitical instability may have contributed to the crash.
While Bill Gates’ comments may have surprised many, he had previously expressed his disapproval of cryptocurrency in the past, warning people who were delving into crypto investments to be wary about buying into the crypto boom. His warning was directed especially to people who didn’t have the luxury that Tesla and SpaceX founder Elon Musk enjoyed.
“I do think people bought into these manias, who may not have as much money to spare,” Gates told Bloomberg one year earlier. “So I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.”
Last year, Gates told Bloomberg that he had taken a neutral view and added that crypto was a tech innovation the world would be better off without. “The way cryptocurrency works today allows for certain criminal activities,” he noted. “It’d be good to get rid of that.”
The Microsoft co-founder’s stance on cryptocurrency echoes Berkshire Hathaway’s CEO Warren Buffett, who explained in detail why he wouldn’t invest in Bitcoin or cryptocurrency earlier this month.
“It doesn’t produce anything,” Buffett said of Bitcoin. “What would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
Apart from the financial aspect of cryptocurrency, Bill Gates also expressed his disapproval of its environmental impact, which accounts for a large portion of the world’s energy consumption.