Bill Gates Makes a U-turn on Bitcoin

 

  •  Bill gates, in an interview with CNBC, has reserved his previous narrative on bitcoin. He explained that he now holds a neutral view of the cryptocurrency.
  • Gates believes that the surge of bitcoin is driven by mania.
  • He said further that it is difficult to tell where next bitcoin will go.

Bill Gates Now Has a Neutral Take on Bitcoin

Bill Gates, the co-founder of Microsoft, revealed his current take on bitcoin in an interview with CNBC. He explained that he owns no bitcoin but won’t short it either.

In the past, the business magnate had pessimistic views about bitcoin. He had earlier said in an interview with CNBC that he would short bitcoin if he could. He revealed his viewpoint on bitcoin, saying that “as an asset class, you’re not producing anything and so you shouldn’t expect it to go up.” Therefore, he said that he believes bitcoin is a crazily speculative asset and would bet against it if he could.

Bill Gates Reverses His Narrative on Bitcoin

However, in a more recent interview with CNBC’s Andrew Sorkin on Thursday, Gates explained that he now holds a neutral view on bitcoin and will not short it. Gates said that he believes that the future of money is digital and will lower transaction fees.

He explained that his foundation, Bill & Melinda Gates Foundation, has been using digital currency in developing countries. However, he said that the Foundation focuses on transparency and will not protect anonymity.

During the interview, Bill Gates expressed his viewpoint on bitcoin saying that it is difficult to know what direction it would take in the future. He believes that the major driving force of the cryptocurrency is speculation. The philanthropist said bitcoin is due to the mania and can’t predict what move it will make.

 

 

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