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Bill Gates Thinks Digital Currencies Are Poor Investments

09 May 2018

And while he said there's some "very good technology" associated with the endeavor, he called Bitcoin and ICOs (initial coin offering) "one of the crazier speculative things".

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value. "It does create a rising price, creates more buyers".

Tyler Winklevoss, the cofounder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is after the billionaire said he would short bitcoin if he easily could.

"I'm delighted to see them repurchasing shares", Buffett said, just two days after he revealed having bought 75 million additional Apple shares, and four days after Apple said it may repurchase $100 billion of stock.

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

Bill Gates has joined the other wealthy Wall Street moguls who continuously criticise Cryptocurrencies.

Doubling down on comments during the weekend, Munger told CNBC on Monday that just because bitcoin and the blockchain technology behind it is "clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it". Gates stated someone gave a bitcoin for his birthday to him but it was sold by him.

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

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Back in December, Bitcoin reached an all time high of $20,000 dollars.

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

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold.

Munger has also referred to bitcoin as poison. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade.

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Bill Gates Thinks Digital Currencies Are Poor Investments