Gates, the world's fourth-richest person with a net worth of $125 billion, stated during a Reddit Ask Me Anything exchange that he does not hold any digital currency.

"I prefer to invest in things that produce a valuable output." The value of a company is determined by how well it produces excellent products. "The value of cryptocurrency is simply what someone else decides someone else will pay for it, so it is not adding to society like other investments," he explained.

Bitcoin has previously piqued Gates' interest. In an interview with Bloomberg, the billionaire voiced concern about the Bitcoin frenzy engulfing ordinary people. He most likely has a point. Following the collapse of the TerraUSD stablecoin last week, the crypto market is in freefall, dragging down other digital currencies with it. This month, Bitcoin has fallen 27%, while Ethereum has fallen 36%.

"If you don't have as much money as Elon, you should probably be careful," he said.

During the AMA, Gates discussed a wide range of topics. He again denied the ridiculous conspiracy theory that he wants to track people by implanting microchips into their heads via vaccines.

"Why should I care where people are? What would I do with the data? " he explained.

In response to the question of whether billionaires should pay more in taxes, Gates, who has previously stated that he would pay more tax, warned that going too far could lead to more tax evaders.

It's not surprising that someone asked about GameStop, the social network's favorite stock among retail investors, given that the Q&A took place on Reddit. "I've never been a long or short GameStop customer," Gates said. He did not respond to questions about his short position in Tesla, which reportedly enraged Tesla CEO Elon Musk enough to pull out of a potential philanthropic collaboration with him.

In response to Musk's public criticism, Gates stated earlier this month that shorting Tesla "has nothing to do with climate change," emphasizing the distinction between betting against a single electric vehicle manufacturer and betting against all-electric vehicles. 

Aug 20, 2022
Digital Lifestyle

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