Microsoft co-founder and former CEO Bill Gates is a visionary who made a major contribution to the advancement of modern computers. He was once the richest man in the world, thanks to the success of his inventions and his company’s creations. Meanwhile, Bitcoin (BTC) and cryptocurrencies are presently making huge strides in changing the financial technology (FinTech) world. Given his love for innovations, we couldn’t help but wonder, “Does Bill Gates own Bitcoin or altcoins?” As of 2023, he didn’t have any, and he probably never will.
Well, it seems like the 68-year-old entrepreneur and climate activist has already shed his adventurous ways when it comes to digital innovations. Besides his disdain for anything related to Apple — even though he stole Apple’s Macintosh’s concept to create the Windows out of it, he hadn’t been shy of showing that he wasn’t a fan of Bitcoin or anything related to crypto.
In fact, he seemed to have never missed an opportunity to diss them at any chance he could get. So, if you don’t want to get Grandpa Gates all grumpy all of a sudden, be sure to skip the topic of anything related to iPhones and cryptos.
Crypto and NFTs are “100% Based on Greater Fool Theory”
One of the famous lines of Gates against cryptocurrencies and non-fungible tokens (NFTs) was his claim that they are “100% based on greater fool theory.” For context, this concept first discussed by Professor Burton Malkiel states that one can still earn even from overvalued assets or securities because another (the greater fool) will likely purchase them at a higher price. This cycle goes on until the market eventually runs out of “fools,” which forces a major sell-off or dipping prices.
The former Microsoft CEO even joked how “expensive digital images of monkeys” would “improve the world immensely.” In this case, he was undoubtedly taking a shot at the intrinsic value of the much-hyped cartoonish ape NFT collection released by Bored Ape Yacht back in 2021, which was all the buzz up to April 2022 before losing 88% of their value in 2023.
“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” said the man behind the success of Windows in a past CNBC interview.
“I’m not involved in that,” Gates noted regarding crypto. “I’m not long or short any of those things.”
Bill Gates Says Skip Bitcoin if You Have Less Money than Elon Musk
Another slating remark of Gates on Bitcoin that recently resurfaced was his interview with Bloomberg where he shared his thoughts on the digital asset. In 2021, the former Microsoft boss warned people about the risks associated with BTC due to its price volatility. He cautioned people who were barely making a living with their finances to steer away from it.
“Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down,” Gates pointed out. “If you have less money than Elon, you should probably watch out.”
Ironically, his cautionary comment came in the same year when Bitcoin shot up to an all-time high of $69,789.49 alongside other cryptocurrencies.
So, Does Bill Gates Own Bitcoin?
Given Gates’ previous scathing pronouncements on BTC and its fellow cryptos, it’s unlikely that he holds any of them to this year. Add the fact that Bitcoin has always been criticized for its high energy use, which always had the eyes of tree-huggers like Gates rolling.