The second richest person in the world with an estimated net worth of $90 Billion, Bill Gates noted in an interview that he would short bitcoin is he had the opportunity given that the currency is of no value.
“I would short it if there was an easy way to do it. As an asset class, you’re not producing anything, so you shouldn’t expect it to go up,” he said. “It’s kind of a pure ‘greater fool theory’ type of investment.”
This criticism does not come as a surprise, given that this is not the first time Bill Gates disapproved cryptocurrencies. During a previous interview, he had an inexperienced opinion towards the currency saying it was responsible for deaths because they are being used to purchase illegal drugs.
He noted: “Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.”
Bill Gate has become part of several other wealthy Wall Street entrepreneurs who constantly criticize cryptocurrencies. Last week, Warren Buffet referred to Bitcoin as ‘rat poison squared’ and his partner Charlie Munger noted trading cryptocurrencies is like trading feces.
In a final statement, Bill Gates noted that the principal blockchain technology is important, however, cryptocurrencies on their own are valueless. “Bitcoin and ICOs, I believe completely that they’re some of the crazier, speculative things,” he said.
Regardless of the fact that there are several bitcoin bears, few which have criticized the asset publicly have shown their confidence in their bearish outlook by creating a short position in bitcoin.
The founder of Cryptocurrency exchange Gemini, Tyler Winklevoss responded in a tweet to Bill Gate expressing that it is easy to short bitcoin and he make more actions.
He tweeted: “Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is!”
This is not the first instance for Winklevoss to challenge someone to short bitcoin. He had previously challenged Jamie Dimon, the CEO of JPMorgan Chase to short bitcoin following his remarks that bitcoin was a fraud. Jamie Dimon has since stated his remorse for his statement but his opinion about cryptocurrencies is still the same.
It is uncertain if Bill Gates would short bitcoin given that he has not made any response to Winklevoss’s statement on Twitter. However, Winklevoss is not too worried about it.