Gates junks crypto saying it doesn’t add to society

NEW YORK: Microsoft co-founder Bill Gates says he isn’t a cryptocurrency investor as it isn’t “adding to society.” Gates opined in a ‘Reddit Ask Me Anything’ in which a user asked his thoughts on Bitcoin and cryptocurrencies.

“I don’t own any,” he wrote.

“I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.”

This comes amid reports of a crypto crash. Bitcoin’s price fell below $30,000 a share in May and experts feel it could fall even lower.