Bill Gates: I Would Short Bitcoin If I Could
May 8, 2018
Microsoft founder Bill Gates has published his criticizing comment on Bitcoin and noted, it is a “greater fool” affair and he “would short it if he could.”
Gates who used to state in February, cryptocurrencies led to people’s death does not renounce the idea to take part in it anyway.
“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. I agree I would short it if there was an easy way to do it.”
Note the moment when this warning came. In a year institutional investors will be able to short Bitcoin with futures contracts. Last week investing bank colossus Goldman Sachs confirmed, it was going to both join the market and aimed at providing all its customers with the most direct Bitcoin operating options.
These assets however have proven to be far too risky for Microsoft giant in the long term as both client and institution.
The latest Gates’ comments revoice those made by Warren Buffett and Charlie Munger from Berkshire Hathaway on Saturday with the latter one comparing Bitcoin investments with “trading turds”:
“Someone else is trading turds and you decide I can't be left out.”