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Bill Gates Proclaims Crypto Governed by "Greater Fool Theory"

10 May 2018

This is not the first time Bill Gates was against Bitcoin. Charles Munger, the VP of Berkshire Hathaway and long-time friend and collaborator, was also part of the interview session.

Gates said the United States is making the issue "a bit challenging right at the moment in terms of predictability and stability and finding the right approach".

"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".

Commenting on the Squawk Box segment of the Bitcoin network in February, Bill Gates stated that the crypto currencies were cause for direct deaths, but nevertheless did not cut the ties completely with the cryptocurrency.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.

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He joined the club's famed La Masia academy as a 12-year-old, before rising through the ranks and becoming the legend he is today.

Bitcoin and other cryptocurrencies grabbed a lot of attention from market players like Warren Buffett, Bill Gates, and recently NASDAQ chief executive Adena Friedman. Gates says that his problem with Bitcoin and other cryptocurrencies is when they're viewed as an asset class because they don't "produce anything".

In his joint interview with legendary investor and CEO of Berkshire Hathaway Warren Buffett and the company's vice chairman Charlie Munger for CNBC, he expressed his view on the nature of Bitcoin and its future. Buffet called Bitcoin as "rat poison squared" and Munger said Trading Cryptocurrency is like trading turds. He also said cryptocurrency would come to a bad end. Though it is clear that Bitcoin differs from traditional investments and it acts differently, according to crypto supporters, it shouldn't be considered as a disadvantage of Bitcoin as it is done by many gurus of traditional investors.

Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday. In the investment world, shorting is when you bet against an asset and make money if its value falls. Most high-profile bitcoin naysayers have been Wall Street types, such as JPMorgan Chase CEO Jamie Dimon and billionaire investors like Buffett and Carl Icahn, all of whom have been generally dismissed by cryptocurrency advocates as old-timers who just don't get it.

Mr Green comments: “It comes as little surprise that Mr Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting.

Bill Gates Proclaims Crypto Governed by