Bill Gates Proclaims Crypto Governed by

Bill Gates Proclaims Crypto Governed by "Greater Fool Theory"

Troy Powers
May 9, 2018

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.

At Berkshire Hathaway's 2018 Annual Shareholders Meeting over the weekend, Buffett called cyber "unchartered territory" and said the fall-out and business risks from cyber-attacks are "going to get worse, not better". Previously, Gates aired concerns about cryptocurrencies being used to pay for illegal transactions, saying the asset class has "caused deaths in a fairly direct way". "Bitcoin and ICOs, I believe completely that they're some of the crazier, speculative things", he said.

"I agree I would short it if there was an easy way to do it", he stated.

When asked if he owned any Bitcoin, Gates said that someone had given him some for his birthday. The investors that manage to cash in on such a type of investment are the ones who end up cashing out on time.

However, in December, two regulated USA exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace.

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While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.

Billionaire and Microsoft founder Bill Gates is very skeptic about the cryptocurrency and says that he would like to bet against Bitcoin if he had such an opportunity.

Munger has also referred to bitcoin as poison.

This is not the first time Bill Gates criticised cryptocurrencies. This is still good news for Bitcoin investors as this price is still an approximate 25% gain over the past month. The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6. A trader that sells a futures contract in anticipation of the decline in bitcoin earns money if the purchase price will not shed.