Microsoft Co-Founder Bill Gates Once Voiced His Doubts About Bitcoin BTC/USD

During an interview in 2018, Gates criticized Bitcoin's lack of productivity as an asset class.

Microsoft co-founder Bill Gates has expressed his doubts about Bitcoin (CRYPTO: BTC) in the past, stating that he would bet against the cryptocurrency if given the opportunity.

In a 2018 interview with CNBC, Gates criticized Bitcoin’s lack of productivity as an asset class.

"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment,” he said.

“I agree I would short it if there was an easy way to do it."

Despite his skepticism towards Bitcoin and Initial Coin Offerings (ICOs), Gates acknowledged the potential of the underlying blockchain technology.

"Bitcoin and ICOs, I believe completely of the crazier, speculative things," Gates added. He also said that someone once gave him some Bitcoin for his birthday, but he sold it a few years afterward.

Blockchain technology eliminates the need for a third-party intermediary, such as a bank, by quickly creating a secure, permanent record of a transaction between two parties.

At the time of writing, Bitcoin was trading at $94,816.71.

Gates’ skepticism adds to the ongoing debate about the viability of cryptocurrencies. While the underlying blockchain technology is widely acknowledged for its potential to revolutionize various sectors, the volatility and lack of productivity of cryptocurrencies like Bitcoin continue to raise concerns among investors and industry leaders.

Gates' comments come at a time when Bitcoin's value has seen significant fluctuations, further highlighting the risks associated with such investments.

This content was partially produced with the help of AI and was reviewed and published by Benzinga editors.