Sci-tech

Bill Gates would bet against Bitcoin

Bill Gates would bet against Bitcoin

"According to Bill Gates, "[he] would short it if there was an easy way to do it..." providing one of the most bearish statements we've seen from the Microsoft founder and Berkshire directors thus far.

"Frankly, I don't think we or anybody else really knows what they're doing when writing cyber [insurance]", Buffett said.

At the top of the list, Microsoft Corp. founder Bill Gates told CNBC that bitcoin was a insane investment and that he'd short it if he could. "[Bitcoin and cryptocurrencies] are kind of a pure 'greater fool type of investment", Gates added.

At the same meeting Charlie Munger, Buffett's vice chairman and long-time confidante, was even less favorable. The old-school duo called Bitcoin "rat poison" and "turd" earlier during the event.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", he added.

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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. While it seems like Gates is exclusively anti-bitcoin here, he did claim that the blockchain technology that sustains it does have some value.

Before Monday, the cryptocurrency had been flying high, possibly as a direct outcome of Reddit revealing that it plans to reinstate Bitcoin as a payment method for gold membership. As of 10:30 am EDT Monday, all of the 10 largest cryptocurrencies were in the red.

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general.

Additionally, Zhao Changpeng, the CEO of cryptocurrency exchange company Binance, said, "Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all". A tech heavyweight like Gates could be another matter. LinkedIn is owned by Microsoft. The Motley Fool has a disclosure policy.


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