Bill Gates Challenges Bitcoin but Praises Blockchain Tech

May 08, 2018 at 22:00

Influential billionaire and tech mogul, Bill Gates expressed his skepticism on Bitcoin
investments despite being positive on the cryptocurrency's underlying technology.

In an interview with CNBC, he claimed that the flagship cryptocurrency is "one of the crazier,
speculative things" he's ever seen.

"I'd short it if there was an easy way to do it," Gates added.

Shorting is the financial term described to bet against an asset. If the asset’s value declines, the
investor who shorted the asset pays off.

The world’s second richest person also revealed that few years ago, he received Bitcoin as a
birthday gift but sold it soon thereafter.

Amid his lukewarm views on Bitcoin, he emphasized his appreciation for the blockchain
technology citing that it enables a safe and dispersed way to track and execute transactions
online.

It can be noted that other influential financial personalities’ view on cryptocurrencies also vary.

JPMorgan Chase chief executive officer, Jamie Dimon alleged that Bitcoin is a "fraud" but later
retracted the said comment.

Meanwhile, renowned investor George Soros was originally not supportive of cryptocurrencies
but his family fund recently got approval to consider investments in it.

As of this writing, Bitcoin’s value is at the $9,300 mark.