Microsoft co-founder, Bill Gates has warned against investing in cryptocurrencies, describing them as a kind of “a pure ‘greater fool theory’ type of investment.”
The billionaire made this known on “Squawk Box,” a CNBC programme on Monday.
Gates said he would best against bitcoin, a popular cryptocurrency, if he could.
He disclosed that someone had given him bitcoins as birthday gift some years back but he sold it few years ago, and appeared to advise investors with cryptocurrency assets to divest before it is too late.
He noted, “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.
“I agree I would short it if there was an easy way to do it.
“Bitcoin and ICOs, I believe completely [they’re some] of the crazier, speculative things.”