In a new interview, multi-billionaire Bill Gates has sided with the critics of Bitcoin and cryptocurrencies…
Microsoft co-founder Bill Gates has sided with cryptocurrency naysayers, in a new interview with CNBC.
Gates told the network’s Squawk Box show that “as an asset class, you’re not producing anything and so your shouldn’t expect it to go up”, in specific relation to Bitcoin. Bitcoin’s price, at the time of writing, is sitting at $9,384, after what’s been a turbulent six months for the currency.
“It’s kind of a pure ‘greater fool theory’ type of investment”, Gates added, also chipping in that he’d bet against the currency if he could. “I agree I would short it if there was an easy way to do it”.
In the same interview, Gates admitted that someone had given him Bitcoin for his birthday in the dim and distant past, but the multi-billionaire sold it after a couple of years. Every little clearly helps.
Gates, retired from his Microsoft role, now works with another cryptocurrency critic, legendary investor Warren Buffett. Buffett slammed cryptocurrencies last month, declaring that they’re “not investing”, as we reported here.
Quickly countering Gates’ new interview meanwhile was one of the Winklevoss twins, Tyler, who founded cryptocurrency exchange Gemini. He took to Twitter to challenge Gates, and ask that he back up his words with cash…
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018
Gates’ interview didn’t make a dent on the price of cryptocurrencies meanwhile, and if anything reinforced what seems to be an underpinning them and us narrative surrounding them.