Bill Gates is neutral about bitcoin, but says cryptocurrency is an innovation the world can do without
Microsoft founder Bill Gates is no longer a Bitcoin bear. He has now taken a neutral stance on bitcoin as an investment. However, as an innovation, he says that cryptocurrency is one without which the world would be better off, because it allows for certain criminal activities.
Bill Gates changed his mind about bitcoin
Bill Gates spoke about bitcoin and cryptocurrency in two separate interviews on Thursday. One was on CNBC, where he was asked what he thinks about bitcoins in the context of climate change, seeing how bitcoins require a huge amount of energy for digital mining. Gates simply replied: I have no bitcoins. I am not petty bitcoin. So, I take a neutral point of view.
Bitcoin can only rise and fall depending on mania or any outlook, and I cannot predict how this will develop, Gates continued.
The Microsoft founder added, I really think digitizing money and lowering transaction costs is what the Gates Foundation is doing in developing countries. But there we do it so that you can reverse transactions so we can fully see who is doing what. It’s not about tax evasion or illegal activity.
Gates was not a bitcoin fan. In a 2018 interview with CNBC, he, Berkshire Hathaway CEO Warren Buffett, and Vice Chairman Charlie Munger talked about the uselessness of bitcoin.
As an asset class, you are not producing anything, so you should not expect it to grow. It’s kind of an investment in its purest form, based on the big fool theory, Gates said. I would shorten it if there was an easy way to do it. BTC traded at about $ 9,300 that day. Since then, the price of the cryptocurrency has surged nearly 511% to $ 56,805 at the time of writing.
Bill Gates believes the world will be a better place without cryptocurrency innovation
Another interview published Thursday in which Gates talked about cryptocurrency was for The Wall Street Journal. Answering the question: without which technological innovation, the world would be a better place? he said: The way cryptocurrency works today allows for a certain amount of criminal activity. It would be nice to get rid of this.
However, Gates quickly added, I probably should have said about biological weapons. This is really bad. For this we should not have technology.
According to Forbes’ Real-Time Billionaire List, Gates is ranked fourth with a net worth of $ 124 billion. First on the list is Amazon CEO Jeff Bezos with a net worth of $ 189 billion, followed by Tesla and Spacex CEO Elon Musk with $ 182 billion, and then Bernard Arnault with $ 159 billion.
Meanwhile, Microsoft has received a patent for a cryptocurrency system that uses body data. This crypto mining system uses human activity, including brain waves and body heat, to perform online tasks such as using search engines, chat bots, and reading ads.