Microsoft co-founder Bill Gates is not a fan of cryptocurrencies.
Gates is now the fourth richest person in the world, with a fortune of $125 billion. He said on Reddit's "Ask Me Anything" forum on Thursday that he does not hold any digital currency.
“I like to invest in things of value. The value of companies is how they make great products, but the value of a cryptocurrency is just the amount some people think someone else will pay for it, so it doesn’t contribute to society like other investments .”
Gates has also expressed some skepticism about Bitcoin before. In an interview with Bloomberg in February, the billionaire expressed concern about ordinary people getting caught up in the Bitcoin frenzy, and he may have a point. Since the crash of stablecoin Terra USD last week, the cryptocurrency market has been in free fall, dragging down other digital currencies. For the month, bitcoin is down 27 percent, while ethereum is down 36 percent.
"If you don't have as much money as Elon ( Musk ), then you might want to be careful," he said in February.
Gates touched on a wide variety of topics during the "Ask Me Anywhere" session. He again dismissed outlandish conspiracy theories about tracking people through vaccines with microchips implanted in their heads.
"Why would I want to know where people are? What am I going to do with that information?" he said.
On the issue of whether billionaires should pay more taxes, Gates has previously said that he will pay more taxes, but he also warned that the tax rate is too high may lead to more tax evasion.
"Having marginal tax rates above 60% usually leads to a lot of complicated circumvention if your system allows it. It's odd that capital gains rates are lower than ordinary income. Inheritance taxes can go above 60% to some extent - but Surprisingly few countries have such a tax."
Since the Q&A takes place on Reddit, it's no surprise that someone asked about GameStop, the most popular stock on Reddit with retail investors.
"I've never been long or short GameStop," Gates said. However, he did not answer questions about his shorting of Tesla, which is said to have angered Musk so much that he pulled out of a potential philanthropic partnership with Gates.
Responding to Musk's public criticism, Gates said earlier this month that shorting Tesla "has nothing to do with climate change," emphasizing that there's a difference between shorting an electric carmaker and shorting the entire EV industry
Taiwanese singer Chen Lingjiu (陳零九) becomes a defendant in the JPEX cryptocurrency exchange investigation, amplifying the risks of celebrity endorsements in finance. The case reveals allegations of fraudulent virtual currency promotion by JPEX, leading to legal actions and underscoring the responsibility celebrities have in endorsing financial products.
JixuMicroStrategy amasses a staggering £1 billion in profits from its Bitcoin investments during the recent cryptocurrency surge.
AaronCourtyard, a startup in the crypto collectibles space, is distributing numerous branded mystery packs that include graded and tokenised Pokémon cards.
JixuStablecoin issuer Circle has revealed its v2.2 upgrade, aiming to reduce transaction fees by approximately 7%. While the announcement carries a tone of promise, some may view it as an attempt to stay relevant in an increasingly competitive landscape.
JasperThousands of instances of AI-generated content are being discovered weekly, presenting a potential avenue for terrorist groups and violent extremists to evade automated detection systems, warn experts.
JixuIn a plot twist, Taiwanese singer Nine Chen, entangled in a web of investments, now faces legal repercussions. Initially a witness, Chen now finds himself a defendant, adding an unexpected layer to his challenges. Known for his business savvy, Chen diversified into streetwear, restaurants, NFTs, escape rooms, and cyber poker. While his streetwear venture thrives with an eight-figure annual turnover, others yield mixed results.
JoyTaiwanese prosecutors discover new suspects in the JPEX saga, complicating legal proceedings and worrying financial regulators.
Hui XinOver 2,800 cyber police personnel have undergone extensive training in advanced cryptocurrency forensics. This aligns with broader efforts to modernize law enforcement in the digital era and fortify legal frameworks against emerging technology misuse.
AaronTotal losses are still being calculated as of time of writing, with some estimates placing it above $100 million.
DavinThe Chinese government emphasises that theft of digital collections constitutes a breach of protection laws and infringes upon the legal interests associated with the unauthorised acquisition of computer information system data.
Kikyo