In the recent CNBC’s Squawk Box done on Monday, has spotted Bill Gates with some shocking words regarding the bitcoin as well as for those who believe it to be a second coming. As per the reports of CNBC, Bill Gates didn’t appreciate the method of investing in the bitcoin and cryptocurrency, as they are regarded as poor investments. He is so averse to cryptocurrency and bitcoin that his only engagement resulted from a birthday present, which Bill Gates sold a few years ago.
The co-founder of Microsoft and the popular philanthropist has explained his rejection for the ideas regarding the new cryptocurrencies, as it is considered as the cause for the lack of real worth. He has also explained that if a person is not producing anything, then they shouldn’t expect it to grow high. And the ideas of bitcoin and new cryptocurrencies are regarded as a foolish theory kind of investments. It has no future and no progress as well.
According to Bill Gates, economic theory explains that the cost of an item doesn’t depend on its real value; rather, it depends on the collective expectations and beliefs based on the participation in the stock market. In addition to this, oil has some genuine benefits, which could be illustrated easily. It can power up a city, can generate heat in winter, and can run cars as well. But, bitcoin and the new cryptocurrencies are merely coded and are thereby vulnerable to the stocks, which are mainly based on the reliable opinions.
Bill Gates said, ICOs and bitcoin are completely crazy and speculative things, and seems as if it doesn’t have any value. Though Blockchain provides a secure connection for the users without the need of a bank and this is changing the perspective of digital marketing, but it can be scary at the same time for economy based reasons. Gates opinion can be considered as it is too early to accept the new form of the currency transaction.