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Recently, co-founder of Microsoft has stated on CNBC's "Squawk Box" :
-" kind of a pure 'greater fool theory' type of investment"
" I agree I would short it if there was an easy way to do it," Gates replied.
-Gates also added that someone once gave him some bitcoin for his birthday, but he sold it a few years afterward
- " 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, "Gates said on CNBC's" Squawk Box. "
His statements made on CNBC turn out to be the truth according to financial research firm Autonomous Next. The firm said that Bitcoin price has an impressive rise from $2000 to $19,000 in mid December but then lost more than half of its value and it was trading near $9,300 recently. Therefore, trading Bitcoin or any others cryptocurrency in long-term doesnt seem to be a good ideal.
Like many critics of the increase in Crypto value, Gates did say the underlying blockchain technology had its merits.
It seems that Bill Gates is supporting the development of the blockchain but not so much for Bitcoin and digital currency. He even wants to shoot them if its possible.
What do you think?
RTCKingMobileAnother big time dude underestimating the potential of bitcoin. We all know that they don't care that much on bitcoin investment because they already have tons of money. Bitcoin will be dead if it stays its peak. No one will invest on bitcoin if there is no possibility of increasing or earning. The fact that he is supporting the blockchain development means that he is into bitcoin as well, he just won't admit it. If not, then we'll see if he is right.