Gates warned people not to invest in cryptocurrencies



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Gates warned people not to invest in cryptocurrencies

Bill Gates again expressed a negative opinion about cryptocurrencies. Gates said that he does not invest in cryptocurrencies because he likes to invest in things with "valuable output" and which give some contribution to society.

“I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments,” he said.

Bill Gates has previously expressed skepticism about bitcoin. Gates' statement came in the middle of a report on the decline in the value of cryptocurrencies, but the situation has been improving in recent days. Agencies report that bitcoin has recorded the highest growth in the last two weeks, approaching the level of 31,000 dollars today, as the Chinese easing of covid measures stimulated the enthusiasm of investors for investing in riskier assets.

The world's strongest cryptocurrency by market capitalization strengthened by as much as 5.8 percent to 30,858 dollars in today's trading in London, reports "Bloomberg" Ether and other smaller cryptocurrencies, such as Avalanche, which fell sharply last week while bitcoin was relatively stable, have also recovered.

Ether rose 6.6 percent, while Avalanche and Solana jumped 9.0 and 6.0 percent, respectively.

Gates has previously warned against investing in cryptocurrencies

Gates has previously warned people not to invest in cryptocurrencies, especially those with "less money" or those who are not as rich as Elon Musk.

On Bitcoin’s price movement, Gates noted the difficulty of predicting how prices will progress. “Bitcoin can go up and down just based on the mania or whatever the views are and I don’t have a way of predicting how that will progress”.

Gates also warned about the impact of cryptocurrencies on the environment, since in 2021, crypto mining accounted for 0.5% of the consumption of electricity used globally.