Bill Gates is not a fan of cryptocurrencies

As a co-founder of Microsoft and the fourth-richest person in the world, Bill Gates has had a significant impact on the financial market. When he makes his opinion known, you can expect that people will hold it in high regard. Now, he has made his dislike of cryptocurrencies known. 

On Reddit, there are events where famous people like Gates will hold Ask Me Anything (AMA) sessions where he will answer questions from the subreddit. Since he is such a huge figure in the financial world, people asked about many topics including his work at Microsoft and his philanthropic endeavours.

However, the one that stood out to loads of people was his answer regarding his thoughts about Bitcoin and cryptocurrencies. He pointed out that he did not want to dabble in the cryptocurrency industry because he believes that it is not valuable. 

Gates said, ‘I don't own any. 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 else will pay for it so not adding to society like other investments’.

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Gates is consistent with his opinion

This is not the first time that Gates has slammed the crypto market because back in 2021, he indicated that he was not bullish about the market. He talked about how he was not a fan of Bitcoin at the time because of Bitcoin’s adverse effect on the environment. 

The crypto market has proven to be a useful industry over the past few years because it has been valued highly around the world. While Gates believes that the crypto market does not have value, the people in El Salvador and the Central African Republic disagree because they have turned Bitcoin into a legal tender. 

Gates’ opinion matters

While people will still be fans of the crypto market, a huge figure like Gates opposing the market is significant. People will always say that Musk is important for the market because he fully supports it. However, Gates is a man on the same level as Musk and he might even be more influential due to the reach that Microsoft has.

It is not yet known if Gates will have an impact on the crypto market just yet but his opinion will certainly reach people in the industry. Most enthusiasts will still most likely play their favourite Bitcoin casino games moving forward on platforms like Gamdom. However, Gates will have an impact sooner rather than later. 

Bitcoin and the rest of the crypto market are struggling in mid-2022 but there is a chance that it can bounce back. People like Musk will be crucial in combating the criticisms of the crypto industry. There is a huge misconception that Bitcoin and other cryptocurrencies are not valuable but it has been seen as a legitimate asset for a long while now. More people will realise that the market is promising and they will most likely invest in it and prove people like Gates wrong in the future.

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Words: Pocholo Magsino