Bill Gates said he doesn't own any cryptocurrency because it isn't 'adding to society'

Microsoft co-founder and fourth-richest person in the world Bill Gates says he is not interested in investing in cryptocurrencies.

On Thursday, Gates did a Ask Me Anything in which a user asked his thoughts on cryptocurrencies.

Gates wrote that he doesn't own any. The value of companies is determined by how they make great products. The value of the coin is what someone else decides to pay for, so not adding to society like other investments.

Gates made a statement after reports of a crash. Experts say that the price of the virtual currency could fall even lower.

Gates dislikes cryptocurrencies. He warned those who were not rich to be careful about buying into the boom, since they were not as rich as Musk.

I think people get bought into these manias, who may not have as much money to spare, so I don't think you should be bullish on Bitcoin.

He railed against the environmental impact of the digital currency, which accounts for a large share of the world's energy consumption. In the year 2021,.5% of the electricity used was used for mining.