Bill Gates Feels Like Shorting Bitcoin If It Was Easy

Bill Gates Feels Like Shorting Bitcoin If It Was Easy

At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.

His tweet also tagged Berkshire Hathaway Warren Buffett, who - along with Gates, who sits on the company's board of directors - was in Omaha, Nebraska for the firm's annual shareholders meeting. He said: "As a class of asset, you aren't producing anything so you should not just expect it to go up".

He followed that up on Monday, adding that "the asset itself is creating nothing" and that "when you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

Speaking with CNBC, the Microsoft co-founder and prolific philanthropist said that he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity.

Berkshire vice chairman Charlie Munger said to Buffett during the meeting, "I like cryptocurrencies a lot less than you do". He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. "People like to speculate, they like to gamble".

He classified this kind of investment as a "greater fool theory" investment.

When asked if he owned any Bitcoin, Gates said that someone had given him some for his birthday. It traded as high as $20,000 in 2017.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value. However, Warren Buffett believes the entire space is one big sham and not worth all the hype.

He has previously referred to bitcoin as a bubble and not an investment. The old-school duo called Bitcoin "rat poison" and "turd" earlier during the event. While both Buffett and Munger have been consistent in their criticism of bitcoin, Gates' recent comment shows a change in his opinion on the cryptocurrency.

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