Bill Gates reveals he owns no cryptocurrency
Microsoft founder’s crypto criticism echoes that of Buffett and Munger
Bill Gates has revealed that he does not own any cryptocurrency.
The Microsoft founder, who is currently the fourth-richest man in the world with a net worth of almost $93bn, made the comments during an ‘Ask Me Anything’ session on Reddit.
Gates stated: “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 else will pay for it, not adding to society like other investments.”
Munger, Buffett and Lagarde
His comments follow a slew of criticism directed against cryptocurrencies in the past month from prominent financial and business figures.
At Berkshire Hathaway’s annual shareholders’ meeting, Warren Buffett said he would not take all the bitcoin in the world for $25, adding: “Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now. But assets, to have value, they have to deliver something to somebody and there’s only one currency.”
Berkshire Hathaway’s vice-chairman Charlie Munger was similarly sceptical. The 98-year old mused: “In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else. Bitcoin does all three.”
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His comments were echoed by Christine Lagarde, president of the European Central Bank (ECB) and former managing director of the International Monetary Fund (IMF), who recently described cryptocurrencies as “highly speculative, very risky assets” that are “based on nothing”.
Leading cryptocurrencies such as bitcoin and ethereum have fallen by 23% and 29% respectively in the past month, vindicating the complaints of volatility made by sceptics.
Increased attention is also being paid to the security of retail crypto holdings.
Last week, Microsoft warned about a rise in information-stealing malware known as cryware that harvests private keys from internet-connected crypto wallets.
In a blog post it stated: “Cryware are information stealers that collect and exfiltrate data directly from non-custodial cryptocurrency wallets, also known as hot wallets. Because hot wallets, unlike custodial wallets, are stored locally on a device and provide easier access to cryptographic keys needed to perform transactions, more and more threats are targeting them.”