Bill Gates, the founder of Microsoft has strongly criticized Bitcoin. He told CNBC that Bitcoin is an "unreasonable" investment and that it " shifts Bitcoin if he could. "
Bitcoin is speculative and completely insane
Gates announced last February at the Squawk Box that crypto-currencies had "caused destruction in a rather direct manner. ""Bitcoin is an asset class, it does not produce anything, so you should not expect it to increase. It's purely theoretical, a madness of grandeur, " he said.
I shorted it, of course, if there was an easy way to do it.
Amazing timing
Gates's claims are pretty amazing especially at a time like this. Throughout the year, institutional investors had the opportunity to bypass Bitcoin with futures contracts. However, nothing is done in this sense apart from the incessant criticism and warnings that are firing. Meanwhile, investment banking giant Goldman Sachs, has officially taken part in cryptocurrencies . The bank seeks to provide Bitcoin trading services starting with futures contracts.Goldman's confirmation of his cryptocurrency position is a great victory for the virtual currency community. Cryptocurrency is "not a fraud," and although it involves "increased risk," it's not "something incomprehensible." "
Microsoft considers that these risks are far too important to consider anything related to cryptocurrencies. The long-term commitment would be impossible for both the client and the institution.
"Bitcoin and ICOs are foolish and speculative things," added Gates.
Critics echo those of Buffett and Munger
Warren Buffett and Charlie Munger were heavily criticized last Saturday. By hinting at things worthy of elementary schools, Munger went so far as to compare the investment in Bitcoin to "anything":Someone exchanges anything and you think to get me involvedWhat do you think of Bill Gates' statement? Tell us in the comments section below.