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Bill Gates says he'd bet against Bitcoin

Bill Gates says he'd bet against Bitcoin

To the crypto enthusiasts, these people are only spreading FUD, vestiges of the system that blockchain is created to disrupt.

Speaking with CNBC, the Microsoft co-founder and prolific philanthropist said that he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity.

Roughly 40,000 people attended Berkshire Hathaway's annual meeting on Saturday.

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up".

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He classified this kind of investment as a "greater fool theory" investment. And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future.

"I'm delighted to see them repurchasing shares", Buffett said, just two days after he revealed having bought 75 million additional Apple shares, and four days after Apple said it may repurchase $100 billion of stock.

Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things". He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later.

Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless. "You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is!" After a long list of negative criticisms leveled at the number cryptocurrency by Buffet, this is the latest. In response to an audience question, he also said that bitcoin and other forms of cryptocurrency "will come to bad endings". Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared". Munger also believes that the United States ought to emulate China in banning cryptos completely. This is still good news for Bitcoin investors as this price is still an approximate 25% gain over the past month.

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