Bill Gates thinks that investing in cryptocurrencies is crazy
In what appears to be a wave of criticism from large investors and financial personalities, cryptocurrencies and Blockchain-based technology have received a wave of negative opinions over the past few weeks.
On this occasion, and just a few hours ago, Microsoft co-founder Bill Gates spoke in an interview for CNBC, saying not exactly positive comments about bitcoin.
"As an asset it is not producing anything, so we do not do much waiting for it to increase in value. It's an inversion to the pure style of the 'biggest fool's theory' [meaning it's a bubble], "Gates said.
He also added the following:
I agree that I would suspend bitcoin if there was an easy way to do it. [...] Investing in bitcoins or ICOs is crazy, as well as being a speculation.
Despite the comments, he opined in favor of the Blockchain technology, stating that its potential could boost the development of a large number of new initiatives, as well as improving and automating the transaction processes that have already been used. As well as eliminates intermediaries, such as banks, and allows secure financial transactions between commercial peers.
Gates is not the only one to have an adverse attitude towards cryptoactives. Just today, the CEO and founder of Berkshire Hathaway, Warren Buffett, commented at the annual investors' conference that Bitcoin and the rest of the cryptocurrencies were "rat poison", besides being a financial bubble.
For its part, last week, the economist and professor at the University of New York, Nouriel Roubini, dismissed the value of digital assets based on the Blockchain, saying that they were a waste of time and that investors were fools if they decided pay for its acquisition, because like Gates and Buffett, its value is not real.
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I completely disagree with all these people. Cryptocurrencies can be an extremely effective way to transact internally at particular platforms. They can help draw in people into adoption and make platforms popular.
All these pundits don't care about the ordinary people using platforms that are good for them. Microsoft is a company that maks billions of dollars by selling software to people.
Why not paying people a little bit for using their products - in the form of shareholdings or similar systems?
They just don't care.
Warren Buffet and others are syaing correctly that it's the best thing to invest into something that you understand that keep your investments for the long-term.
But, the blockchains and cryprocurrencies are extremely young and nobody might be able to fully grasp these fields as of now. So I think that it can quite reward to find a couple of cool cryptoccurencies and invest into them a bit of your assets (around 1-5% of your investment capital) and just lave the money there for a couple of years.
If those coins continue growing, you might in for a big pay-off.
It's probably not the best things to listen to these guys. It's like listening to the kings about the value of royalty. Seriously, royalty is not good the people. The kings would naturally have a differnt opinion on them. The only way to change their mind is... to behead them.