Bill Gates Would Not Be Buying Bitcoin:
‘I Would Short Bitcoin If I Could’
One of the most important business magnates and founder of Microsoft Corporation, does not seem attracted by Bitcoin or cryptocurrencies. During an interview with CNBC’s Squawk Box, Bill Gates said that he would bet against bitcoin if he could.
“As an asset class, you’re not producing anything and so you shouldn't. It’s kind of a pure ‘greater fool theory’ type of investment,” Gates commented.
But the most important and shocking thing he said was that he would short it.
“I agree I would short it if there was an easy way to do it,” he stated.
At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are crazy and ‘speculative things.’ ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens. During the last year, many ICOs ended up being scams and some team members escaped with part of the funds gathered. Then you add in some scam websites using the likes of Richard Branson to sell their automated software packages.
Back in December, Bitcoin reached an all time high of $20,000 dollars. At the moment, the most important virtual currency in the market is being traded around $9,400. Since the beginning of March that the famous virtual currency cannot cross the $10,000 barrier.
Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general. In the past, Jamie Dimon, JP Morgan Chase’s CEO, said that Bitcoin was ‘a fraud’ and that it was going to ‘blow up.’
It is important to mark that Bill Gates and Jamie Dimon believe in blockchain, the technology behind Bitcoin and other cryptocurrencies. Indeed, JP Morgan and Microsoft have invested in distributed ledger technology in the past years.
But wait, that's not all. As new news breeds new news, Gemini Exchange's Tyler Winklevoss has now dared Bill Gates to short bitcoin.
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
What's your thoughts on Warren Buffett, Bill Gates and Charlie Munger all bashing bitcoin and digital currencies at large? Just remember next time someone asks you, “what does Greater Fool Theory, Rat Poison, and Harvesting Baby Brains have in common”, just answer #bitcoin