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Bill Gates reveals why he doesn’t own cryptocurrency

Bill Gates says he doesn’t own any cryptocurrencies because he prefers to invest his money “in things that have exit value.”

The Microsoft founder, who is the fourth richest man in the world with a personal wealth of $116bn (£92.8bn), made the comments during an ‘Ask Me Anything’ event on Reddit .

“The value of companies is based on how well they make great products,” Gates wrote.

“The value of crypto is just what another person decides someone else will pay for it, so no addition to society like other investments.”

Cryptocurrencies saw an estimated $1 trillion wiped from their value in 2022, with $200 billion wiped out in just 24 hours at the start of this month alone.

Bitcoin, the largest cryptocurrency, hit an all-time high of over $68,000 in November 2021, but as of Saturday afternoon, its value was just over $29,300.

Mr. Gates is not the only billionaire to avoid crypto.

Berkshire Hathaway CEO Warren Buffett told his company’s annual meeting in April that he was extremely skeptical about it.

“Whether it will increase or decrease next year, or in five or ten years, I don’t know. But the one thing I’m pretty sure of is that it’s not producing anything,” Buffett said. “There is magic and people have attached magic to a lot of things.”

The Independent Gt

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