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Microsoft founder and and billionaire Bill gates has got something to say about bitcoin again. In an interview with CNBC, Gates said he would bet against bitcoin if he could because he believes cryptocurrencies are worthless investment because they lack substance as an asset class. Gates stated:
“I would short it if there was an easy way to do it”
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment… I would short it if there was an easy way to do it”.
Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends. A short is a way of making profit from the declining value of an asset.
Gates said someone once gave him bitcoin for his birthday, but he sold it. Commenting on ICO’s also, Bill Ga...
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