Microsoft Corporation (NASDAQ:MSFT) founder Bill Gates has said he doesn’t own any cryptocurrency because he prefers to invest in things that have “valuable output.”
What Happened: Over the weekend, Gates responded to a number of questions from users across the world on a Reddit “ask me anything” thread.
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In response to one particular question about his thoughts on Bitcoin (CRYPTO: BTC) and other cryptocurrencies, Gates explained why he doesn’t own any form of digital currency.
See Also: HOW TO BUY BITCOIN (BTC)
“I don’t own any. I like investing in things that have valuable output,” he said.
“The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”
The Microsoft founder’s stance on digital assets appears to have turned more skeptical over the last year. In an interview with CNBC last February, Gates said he was “neutral” about Bitcoin and said that moving money into a more digital form to bring down transaction costs was a good thing.
Later that week, he went on to warn people against investing in cryptocurrencies if they have less money than Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.
“Elon has tons of money and he is very sophisticated. If you have less money than Elon, you should probably watch out,” said Gates at the time.
Price Action: According to data from Benzinga Pro, Microsoft shares closed 0.23% lower on Friday at a price of $252.56 per share.
Bitcoin was trading at $30,189 at press time, gaining 2.86% over the last 24 hours.
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