Bill Gates Says Cryptocurrency Isn’t “Adding to Society” in Latest AMA

Bill Gates does not really look favorably on cryptocurrencies.

The fourth richest man in the world recently expressed his opinion on cryptocurrencies in his latest Ask Me Anything (AMA) on Reddit's r/IAmA, a subreddit for AMAs.

Bill gates did one other AMA on February 12, 2013, with the most popular questions added into a YouTube video published on the same day.

Bill Gates AMA - Why Does He Dislike Cryptocurrencies?

When asked about his opinion on Bitcoin and cryptocurrencies in his latest AMA, Gates answered that he thought of them as something that doesn't have any "valuable output." This trail of thought was what caused him not to invest in or own any cryptocurrencies.

"I don't own any [Bitcoin or cryptocurrencies], " Gates said. "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 will pay for it so not adding to society like other investments."

Gates previously expressed his disapproval of cryptocurrencies before, when he once warned people investing in them to be wary about "buying into the crypto boom," especially those who were not as rich as Tesla and SpaceX founder Elon Musk, per Business Insider.

"I do think people get bought into these manias, who may not have as much money to spare, so I'm not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out," Gates said on February 22, 2021, during his interview with Bloomberg.

He even noted the environmental impact of cryptocurrency mining, which consumes "a lot of energy" and, in turn, a large share of the world's energy consumption. In fact, crypto mining consumed .5% of the world's electricity in 2021, according to a study by the New York Times in September 2021.

Gates' response received around 12.1 thousand upvotes and a low of follow-up questions and responses, with some of them creating subtopics of their own.

Other Topics Bill Gates Tackled

Aside from Bitcoin and cryptocurrencies, Gates also responded to questions about the appropriate taxation level for the rich, his statement to those believing that he was the one responsible for the COVID-19 pandemic, and his plans with the farmland he purchased.

Gates said that he would invest in farms to raise productivity since some of them are near cities while others might have other uses.

As for the people who believe that he made the COVID-19 pandemic happen so he could inject chips into people's bodies through vaccines and control the human population, Gates said that the idea of adding chips to vaccines doesn't make sense. The information from said chips would be useless to him as he didn't know what to do with them.