Microsoft co-founder Bill Gates is not a fan of cryptocurrencies.
Gates is now the fourth richest person in the world, with a fortune of $125 billion. He said on Reddit's "Ask Me Anything" forum on Thursday that he does not hold any digital currency.
“I like to invest in things of value. The value of companies is how they make great products, but the value of a cryptocurrency is just the amount some people think someone else will pay for it, so it doesn’t contribute to society like other investments .”
Gates has also expressed some skepticism about Bitcoin before. In an interview with Bloomberg in February, the billionaire expressed concern about ordinary people getting caught up in the Bitcoin frenzy, and he may have a point. Since the crash of stablecoin Terra USD last week, the cryptocurrency market has been in free fall, dragging down other digital currencies. For the month, bitcoin is down 27 percent, while ethereum is down 36 percent.
"If you don't have as much money as Elon ( Musk ), then you might want to be careful," he said in February.
Gates touched on a wide variety of topics during the "Ask Me Anywhere" session. He again dismissed outlandish conspiracy theories about tracking people through vaccines with microchips implanted in their heads.
"Why would I want to know where people are? What am I going to do with that information?" he said.
On the issue of whether billionaires should pay more taxes, Gates has previously said that he will pay more taxes, but he also warned that the tax rate is too high may lead to more tax evasion.
"Having marginal tax rates above 60% usually leads to a lot of complicated circumvention if your system allows it. It's odd that capital gains rates are lower than ordinary income. Inheritance taxes can go above 60% to some extent - but Surprisingly few countries have such a tax."
Since the Q&A takes place on Reddit, it's no surprise that someone asked about GameStop, the most popular stock on Reddit with retail investors.
"I've never been long or short GameStop," Gates said. However, he did not answer questions about his shorting of Tesla, which is said to have angered Musk so much that he pulled out of a potential philanthropic partnership with Gates.
Responding to Musk's public criticism, Gates said earlier this month that shorting Tesla "has nothing to do with climate change," emphasizing that there's a difference between shorting an electric carmaker and shorting the entire EV industry
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