Bill Gates, the Microsoft co-founder and technological whiz turned philanthropist, may not be a fan of bitcoin and digital-assets. <\/p>\n
Asked during an interview published on Thursday with The Wall Street Journal what technological advancement the world could do without, Gates had this to say: <\/p>\n
The way cryptocurrency works today allows for certain criminal activities. Itd be good to get rid of that, he quickly added: I probably should have said bio weapons. Thats a really bad thing.<\/p>\n
The comments from Gates implies that the billionaire technologists is no bitcoin BTCUSD, +0.65% BTC.1, +0.67% enthusiast but his remarks may simply suggest that he feels that cryptocurrencies are prone to abuse by swindlers and in money-laundering schemesa common criticism of the decentralized digital asset that was created in 2009. <\/p>\n
During a CNBC interview that aired on Thursday, Gates adopted a more moderate stance, describing his views on bitcoin as neutral.<\/p>\n
I dont own bitcoin, Im not short bitcoin, so Ive taken a neutral view, he said in the interview that aired on CNBCs Sqawk Box show. <\/p>\n
I do think moving money into a more digital form and getting transaction costs down, thats something the Gates Foundation does in developing countries, he added. <\/p>\n
Bitcoin can go up and down just based on the mania or whatever the views are and I dont have a way of predicting how that will progress, he said. <\/p>\n
Bitcoin prices have seen parabolic moves of late, despite critics who say that it is a technology looking to solve a problem that doesnt exist, while using outsize amounts of energy to create a single bitcoin. <\/p>\n
To be sure, this isnt the first time, Gates has discussed bitcoin and cryptos but has beliefs have wavered over time. Back in 2018, he said in a separate Squawk Box interview that he would bet against bitcoin if he could. <\/p>\n
As an asset class, youre not producing anything and so you shouldnt expect it to go up. Its kind of a pure greater fool theory type of investment, Gates said on CNBC two years ago. <\/p>\n
Prices of the cryptocurrency were trading above $52,000 on Thursday and have gained nearly 80% so far in 2021. By comparison, the Dow Jones Industrial Average DJIA, +0.00% was up 2.7%, the S&P 500 index SPX, -0.19% was holding on to a 4% year-to-date gain, while the Nasdaq Composite Index COMP, +0.07% is up nearly 8% so far this year. Gold GC00, +0.32%, an asset that bitcoin is often pit against, is down 6.4% since the start of 2021. <\/p>\n
Gates, who boasts a net worth of $123 billion,according to Forbes, making him the second wealthiest man in the world behind Amazon.comsAMZNJeff Bezos, has been getting more attention from his comments on the COVID-19 pandemic, which has ravaged the domestic economy and brought most of the worlds business and personal activity to a screeching halt. <\/p>\n
<\/p>\n
See more here: Bill Gates, the Microsoft co-founder and technological whiz turned philanthropist, may not be a fan of bitcoin and digital-assets. Asked during an interview published on Thursday with The Wall Street Journal what technological advancement the world could do without, Gates had this to say: The way cryptocurrency works today allows for certain criminal activities. Itd be good to get rid of that, he quickly added: I probably should have said bio weapons. Continue reading
\nBill Gates says cryptocurrency is one innovation the world could do without - MarketWatch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"