Microsoft cofounder Bill Gates isn’t a fan of cryptocurrency.
Gates, now fourth-richest person in the world with a net worth of $125 billion, said during a Thursday Ask Me Anything exchange on Reddit that he doesn’t own any digital currency.
“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.
Gates has previously expressed some skepticism about Bitcoin. In a February interview with Bloomberg, the billionaire expressed concern for everyday people getting sucked into the Bitcoin frenzy. He probably has a point. The crypto market is in freefall after the collapse of the TerraUSD stablecoin last week, dragging down other digital currencies with it. Bitcoin is down 27% this month, while Ethereum has backslid 36%.