Bill Gates not in crypto-currency investments

While several billionaires like Tesla CEO Elon Musk and MicroStrategy's Michael Saylor have thrown their weight behind the virtual currency, Microsoft Founder Bill Gates has come out as a non-believer in the new industry's potential.

During an Ask Me Anything'' exchange on Reddit, Mr Gates said he does not own any criptocurrency.

Gates, the fourth-richest person in the world, said he does not see any value in investments in criptocurrencies. He also expressed his views on several topics, such as whether billionaires should pay more taxes.

Mr Gates, 66, said he likes investing in things that have valuable output.

He said that the value of companies is based on how they make great products and not just how other people see them.

He stated that the value of cryptocurrencies is just what someone else decides to pay for it, so he said that it's not adding to society like other investments.

It's not the first time that the billionaire entrepreneur has expressed his reservations aboutcryptocurrencies.

After the freefall seen in the TerraUSD stablecoin last week, he now appears to be more pertinent, as the industry faces serious headwinds.

The world's largest coin by market value has lost 27 per cent and the second-in line has lost 36 per cent in the past month.

Several others, including ace investor Warren Buffett, have voiced their concerns aboutcryptocurrencies.

Asked whether billionaires should pay more taxes, Gates said that going too high could lead to more people finding ways to evade tax.

Another Reddit user asked him about the conspiracy theory that he aims to track people by implanting microchips into their heads via vaccines.

Gates said chips in vaccines doesn't make sense. Why would someone want to know where people are? What can I do with the information? He added.