Bill Gates doesn’t own crypto because it doesn’t ‘have valuable output,’ isn’t ‘adding to society,’ he says on Reddit

Bill Gates told readers on a Thursday that he doesn't owncryptocurrencies because he likes investing in things that have valuable output.

He wrote that the value of companies is based on how they make great products.

$200 billion was erased in 24 hours after the crash and burn of cryptocurrencies. Marco said that rising inflation, interest rate hikes, and geopolitical instability could be contributing factors.

Gates is not the only man who shuns the digital currency. At the company's annual shareholder meeting in Omaha, Neb., in late April, CEO Warren Buffet and vice chairman Charlie Munger took turns bashing the virtual currency.

I don't know, whether it goes up or down in the next year or five or 10 years. The one thing I'm pretty sure of is that it doesn't produce anything.

He said that if he invests in apartments, they will produce rent and if he invests in farmland, they will produce crops.

In his life, Munger tries to avoid things that are stupid and evil, and he says that the internet has made him look bad.

It's stupid because it's still likely to go to zero, and it's evil because it undermines the Federal Reserve System. He was smart enough to ban it in China.

According to CNBC, Buffett had previously called it rat poison squared. CNN reports that earlier this year Munger said it was akin to a venereal disease.