The billionaire founder of Microsoft is no stranger to stirring up controversy with his disdain for cryptocurrencies. In his latest verbal assault, Bill Gates reiterated his aversion to Bitcoin during an interview tied to the release of his new autobiography. He took the opportunity to yet again highlight what he sees as their pointlessness, while claiming that even intelligent people have been duped by what he considers an illusion.
Gates: Bitcoin is All Speculation and Illegal Activity
In Bill Gates’ view, the world’s leading cryptocurrency is nothing more than pure speculation fueled by illegal activities. His scathing assessment comes despite Bitcoin’s surging popularity and adoption by major institutions in recent years.
There were even people with high IQs who got taken in by this.
– Bill Gates, The New York Times
Gates seems baffled that even those he considers highly intelligent could fall for what he dismisses as the “greater fool theory” – the notion that overvalued assets can be sold to a “greater fool” at an even higher price. But his bewilderment isn’t stopping the crypto juggernaut.
Bitcoin Booms Despite Gates’ Gloom
Gates’ latest Bitcoin bashing comes amid the digital currency’s continued growth in popularity, especially following the historic SEC approval of spot Bitcoin ETFs in the US. The pro-crypto stance of re-elected President Donald Trump has further bolstered optimism.
This reality stands in stark contrast to Gates’ dim view. Back in June 2022, he boldly claimed only a “fool” would still be buying Bitcoin. Since then? BTC has surged nearly 400%. So much for that prediction.
Despite Gates’ gloomy outlook, Bitcoin reached new all-time highs in 2024 and major institutions continue pouring in.
Other Billionaires Betting Big on Crypto’s Future
While Gates remains a stubborn Bitcoin bear, a growing number of his billionaire peers see immense potential in cryptocurrencies to transform the global financial system in the coming years.
- Elon Musk has been a vocal Bitcoin proponent and hinted SpaceX may add BTC to its balance sheet
- Mark Cuban says 80% of his investments that aren’t on Shark Tank are in crypto
- Ray Dalio admitted he would rather own Bitcoin than bonds
As crypto continues gaining traction with billionaires, institutional investors, and nation states, Bill Gates’ anti-Bitcoin stance is looking increasingly isolated and out-of-touch. His pessimism stands at odds with those who grasp the technology’s disruptive potential – and are putting their money where their mouth is.
Gates Also Wary of AI Risks
Interestingly, Gates also expressed reservations about the development of artificial intelligence, despite Microsoft investing billions into AI leader OpenAI. He sees significant danger if the powerful technology ends up in the wrong hands.
Key Takeaways
- Bill Gates doubles down on anti-crypto stance, calls Bitcoin speculation and crime
- Claims even high IQ people duped by “fool’s theory” of selling BTC to greater fools
- Crypto adoption surges despite Gates’ criticism, with new milestones and billionaire endorsements
- Gates also warns of AI risks, signaling pattern of tech pessimism
As Bill Gates continues his years-long tirade against Bitcoin, the resilient cryptocurrency charts its own path forward – winning over former skeptics and gaining steam as a mainstream financial asset. How long the Microsoft mogul can maintain his contrarian position in the face of industry tailwinds remains to be seen. But for now, he seems content to keep ruffling feathers and raising eyebrows with his unabashed crypto critique. Only time will tell which side of history he lands on.
