- Bill Gates, Microsoft’s founder has revealed that he doesn’t own any Bitcoins
- He disclosed that holds a neutral view of Bitcoin
- Bill Gates reiterates his support of digitalization of currencies with his foundation supporting start-ups in developing countries around the world
- The high-price volatility of Bitcoin makes it difficult for investors to predict where the price will go
The founder of Microsoft (NASDAQ:MSFT), Bill Gates has revealed his position on Bitcoin and cryptocurrencies in general. He said that he remains open-minded and neutral on the issue of crypto-currencies but he indicated a strong show of support for digital currencies.
His foundation, The Bill And Melinda Gates Foundation has pledged support for the digitalization of currencies in developing countries of the world. Bill Gates noted that the digitalization of currencies will save the overhead cost of running the traditional monetary systems.
On The Flipside app analysis
- Tesla’s CEO, Elon Musk has announced that his company has just purchased $1.5 billion worth of Bitcoins
- Wall Street giants, JP Morgan and Morgan Stanley (NYSE:MS) look set to follow Tesla’s lead in diversifying their holdings
- Mastercard (NYSE:MA) and BNY Mellon (NYSE:BK) rolls out plans to include selected crypto-currencies on their platforms
Tech Billionaire Says He Owns No Bitcoins
Bill Gates, founded of software giants, Microsoft has revealed in an interview with CNBC’s Squawk Box that he hasn’t purchased any Bitcoins and he holds no bias against the crypto-currency.
He said, “I don’t own Bitcoin. I’m not short Bitcoin. I do think moving money into a more digital form and getting transaction costs down, that’s something the Gates Foundation does in developing countries.”
He reiterated the fact that he will be adopting a neutral view on Bitcoin and other crypto-currencies. He stated during the interview that he is a supporter of the digitalization of currency and his foundation, the Bill and Melinda Gates Foundation is currently supporting digitalization in developing countries of the world.
The tech billionaire observed that the high-price volatility of bitcoin is responsible for deterring some investors from purchasing the crypto-currency. He said the “Mania” prevailing in the market is responsible for the Mania in the market.
Bill Gates And Bitcoin: Two Divergent Paths
Bill Gates made his fortune by creating Microsoft Technologies which was founded in the 1970s to develop and sell BASIC interpreters for Altair 8800. It gained prominence in the ’80s for dominating the computer operating system with MS&DOS in the 1980s.
Bill Gates stepped down as CEO of Microsoft in 2014 and is currently the 3rd richest man in the world with a net worth of around $163 billion. This puts him in contrast with other tech billionaires who have sought to increase and diversify their fortunes by investing in Bitcoin.
Amongst these billionaires includes the richest man in the world, Elon Musk with a net worth of $199 billion, and CEO of Square, Jack Dorsey with a net worth of $15 billion. Other Billionaires include Chris Larsen, Michael Saylor, Mark Zuckerberg amongst others. Seeing these tech billionaires taking holding in Bitcoin it is quite surprising that Bill Gates remains neutral concerning Bitcoin.
Bitcoin has increased in value in the last 3 months by over 70% hitting a record high of $58,000 in its most impressive price run. This price pump translates to an increased market capitalization right now Bitcoin’s market cap stands above $1 trillion.
