Bill Gates Slams Cryptocurrency Following Latest Market Crash

• Following the recent crash in the crypto market, Bill Gates has criticized the virtual assets.

• Gates, a co-founder of Microsoft and also the fourth-richest person in the world, warns against investing in cryptocurrency.

• The sixty-six years old says he likes investing only In things that add value to society. 

While prominent billionaires like the likes of Elon Musk and Michael J. Taylor have continuously thrown their weight behind cryptocurrency, Bill Gates, the sixty-six years and currently the fourth richest man on earth thinks otherwise.

The Microsoft co-founder gave his verdict on cryptocurrency during an “Ask Me Anything” exchange on Reddit.

 A user asked him about his take on the future of cryptocurrency. In his reply, Bill Gates was quick to point out that he owns no cryptocurrency and as he sees no value in crypto investments. 

To drive his point further, he wrote; 

“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.”

Interestingly, he also admonished those who have less money than Elon Musk to be careful when investing in cryptocurrency.

Read also: SpaceX Allegedly Paid $250k To Cover Up Elon Musk Sex Scandal

On the environmental effect of crypto. Bill Gates pointed out that it accounts for a large share of energy consumption in the world. He backed this up with statistics on global electricity use for crypto mining which accounted for 0.5%.

This won’t be the first time the billionaire business mogul is giving his negative verdict on crypto. During a live Clubhouse session in March, he said that Bitcoin and other crypto assets aren’t environmentally friendly.

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