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Published: Fri, May 11, 2018
Tech | By Dwayne Harmon

Bill Gates Warning To All Bitcoin Investors

Bill Gates Warning To All Bitcoin Investors

Speaking to CNBC on Monday along with Buffett and Munger, Microsoft co-founder Bill Gates echoed their criticism, referring to bitcoin (BTC-USD) and ICOs (initial coin offerings) as some of the "crazier, speculative things".

Of course, if Gates really wanted to short bitcoin, he has a variety of options.

In the meantime, Bitcoin fell by over 3% on Monday to a little over $9,000. Gates says that his problem with Bitcoin and other cryptocurrencies is when they're viewed as an asset class because they don't "produce anything".

"If people react when you criticise their investment, if they get mad, they're gambling... It's kind of a pure "greater fool theory" type of investment", Gates shared speaking during CNBC's show "Squawk Box".

Buffett also called Bitcoin "probably rat poison squared" over the weekend.

The multi-billionaire investor argued that cryptocurrency community is in for a bad ending after the euphoria wears off.

Resonating Buffett's sentiments, his longtime business partner and Berkshire VC Charlie Munger described Bitcoins as "worthless artificial gold". According to Munger: "Somebody else is trading turds, and then you decide I cat be left out". It is hard to see Bill Gates, who also runs the Gates foundation charity in helping third world countries fails to see the importance of revolutionising the way we transact.

As CCN previously reported, Gates blames bitcoin for drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering.

I like cryptocurrency even less than Warren does.to me it's just dementia.

Gates remarks remind the comments produced by Warren Buffett and Charlie Munger recently. "It's the consumer behavior with the product, what they do with it, how it becomes part of their lives, that I observe and primarily reason from", Buffett said.

Shares of Apple rose more than 1% in early trading Friday after billionaire investor Warren Buffett said he'd added 75 million shares of the tech giant's stock to his portfolio.

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