Bill Gates changed his position on Bitcoin. The billionaire previously had a bearish attitude towards the original cryptocurrency, but his opinion is more neutral with recent gains.
Bill Gates is neutral towards Bitcoin
Appearing for Squawk Box CNBC on February 18, billionaire clearly statedthat he never owned Bitcoin. However, he is not an opponent of the oldest currency in the world and, as he himself claims, is neutral. Even so, the idea of digitally transferring funds to lower transaction costs bodes well for the Bill and Melinda Gates Foundation. They use the digital platform in developing countries, but not for tax evasion or illegal acts, but for value transfer.
The price of Bitcoin at the time of the conversation with Gates was at $ 51,800. Now we have to pay over PLN 57,000 for one coin. dollars. The Bitcoin network functions digitally and is maintained by globally distributed node operators. Their involvement gives the platform an advantage over the competition, enabling cheap transfer of funds without intermediaries. Moreover, the decentralization and steady supply of Bitcoin give the platform and coin unique properties compared to the centralized versions which are relatively expensive.
Bitcoin and ICO are speculative
Three years ago, Bill said that if he had the opportunity, he would shorten Bitcoin. Coincidentally, his comment came before Bitcoin’s price dropped to record lows in 2018. The billionaire said investing in a digital asset that produces nothing is a kind of “greater fool” theory. He also added that even “more speculative things” were the ICOs.
As an asset class, you don’t produce anything, so you shouldn’t expect it to go up. It is a kind of pure “greater fool theory”. Agree that I would shorten them if there was an easy way to do so. Bitcoin and ICO, I fully believe that these are some of the crazier, speculative things.
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