Microsoft Corporation co-founder Bill Gates, though relatively quiet on the subject recently, had expressed a cautiously optimistic view toward Bitcoin (CRYPTO: BTC) in the past.
What Happened: In an interview with Bloomberg on October 3, 2014, the self-made billionaire stated, “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place, and for large transactions, currency can get pretty inconvenient.”
Cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) enable transactions without the need for intermediaries or traditional banking systems, thus reducing transaction costs.
In 2022, Gates revealed that he does not own any cryptocurrency and prefers to invest in assets that generate valuable output. When questioned about his thoughts on Bitcoin and other digital currencies, Gates said, “I don’t own any. I like investing in things that have valuable output.”
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Why It Matters: Considering Gates’ praise for Bitcoin back in 2014, it’s interesting to analyze the hypothetical returns if one had invested $100 in Bitcoin at that time.
On October 3, 2014, the price of Bitcoin was trading at $366. If you had invested $100 in BTC at the time when Gates made the comment, your current value of the Bitcoin holdings would amount to $8,296.72. This implies a gain of 8,196.72%.
Price Action: At the time of writing, Bitcoin was trading at $30,366, down 1.24% in the last 24 hours, according to Benzinga Pro.
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