Bill Gates says he would bet against Bitcoin

Tech billionaire Bill Gates has revealed that he would “short Bitcoin,” if he could.

The world’s richest man describes Bitcoin and other cryptocurrencies as “kind of a pure ‘greater fool theory’ type of investment.”

The Microsoft co-founder says he would love to bet against Bitcoin if there was “an easy way to do it.”

During an interview on CNBC’s “Squawk Box,” Bill Gates also confesses that someone gave him Bitcoin for his birthday, but he later sold it and kept the profits.

Speaking on Monday’s installment of the show, Gates said:

“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 agree I would short it if there was an easy way to do it.”

Last year, the price of one Bitcoin briefly skyrocketed from $2,000 to close to $20,000 in mid-December.

Last year, the price of one Bitcoin briefly skyrocketed from $2,000 to close to $20,000 in mid-December.

The cryptocurrency has since fallen dramatically in value before climbing back up again in price.

At the time of press, Bitcoin is trading at around $9,350 after failing to break $10,000 over the weekend.

According to research by financial data firm, Autonomous Next, around $9.8 billion has been raised through sales of new coins, or ICOs, since 2016.

When asked if he owned any Bitcoin, Bill Gates said he was given some for his birthday, but sold it a few years later, adding:

“Bitcoin and ICOs, I believe completely [they’re some] of the crazier, speculative things.”

Bill Gates is a fan of the blockchain

After slamming Bitcoin and ICOs, Gates did confess an admiration for the underlying blockchain technology.

As with many critics of the cryptocurrency revolution, Gates did say blockchain’s ability to verify transactions has its merits.

By creating a secure, permanent record of a transaction between two parties, Blockchain removes the need for a third-party intermediary, such as a bank.

Bitcoin is the original application of Blockchain, and companies are examining ways to applying it to supply chain management, trading and other operations.

Warren Buffett’s Berkshire Hathaway held its annual shareholders meeting in Omaha, Nebraska over the weekend.

Bill Gates, who is on the board of Berkshire Hathaway, was speaking alongside the firm’s vice chairman, Charlie Munger.

During the event, Buffet and his longtime investing partner Munger spoke to tens of thousands attendees on a wide range of topics.

One of the topics of discussion was bashing Bitcoin and branding it “rat poison.”