"It's kind of a pure "greater fool theory" type of investment", he said. Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days.
"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along", stated Buffett.
Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.
It wasn't clear if Gates was aware that there is indeed a way to short bitcoin and that he finds it cumbersome or if he just doesn't really follow this whole insane cryptocurrency thing at all.
While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value. "People like to speculate, they like to gamble". Only a fall below $8,500 would put Bitcoin in bear territory.
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Gates latest remark is a complete reversal from what he said back in 2015 when he said, "Bitcoin is better than currency".
This is not the first time he has dared someone to short bitcoin.
Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill. Since then, Jamie Dimon has expressed regret for making the statement but has not softened toward cryptocurrencies.