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. Mr Gates said he does not own any criptocurrency during an Ask Me Anything exchange on Reddit. Gates, the fourth-richest person in the world, said he doesn't see any value in cryptocurrencies investments. He also expressed his views on several topics, such as whether billionaires should pay more taxes.
"I like investing in things that have valuable output," Gates, 66, said. He said that the value of companies is based on how they make great products and not just how other people see them. He said that the value of cryptocurrencies is just what some other person decides someone else will pay for it, so he added that it is not added to society like other investments.
It is not the first time that the billionaire entrepreneur has expressed his reservations aboutcryptocurrencies. He believes that his position is more pertinent because the industry is facing serious headwinds as a result of the freefall seen in the TerraUSD stable coin last week. The world's largest coin by market value has fallen 27 per cent in the past month, while the second-in-line token,Ethereum, has lost 36 per cent.
Several others, including ace investor Warren Buffett, have expressed 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 that chips in vaccines don't make sense. Why would I want to know where people are? What can I do with the information? He added.