Bill Gates Proclaims Crypto Governed by "Greater Fool Theory"

Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala to celebrate the opening

Entrepeneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters

Gates, too, weighed in on the issue on Monday, telling CNBC that bitcoin is "one of the crazier, speculative things" he's seen, saying he would "short it if there was an easy way to do it".

That interview comes following the Annual Shareholder Meeting Saturday, in which both Buffett and Munger doubled down on their distaste for Bitcoin.

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up". "It does create a rising price, creates more buyers ..." While Buffett's billionaire buddy Bill Gates probably won't be picking up an iPhone anytime soon, either, the Microsoft co-founder is also heaping a bit of praise on his one-time tech adversary.

Destiny 2 Expansion II
Destiny 2 server maintenance will end at 7pm United Kingdom time, which coincides with the release of Hotfix 1.2.0.1. If you don't have Destiny 2 and want to catch up before the new expansions launch, you can grab it on Amazon .

Bitcoin, Munger went on to say, "reminds me of Oscar Wilde's definition of fox hunting: "The pursuit of the uneatable by the unspeakable". "People like to speculate, they like to gamble", he added. "It's kind of a pure "greater fool theory" type investment", Gates said.

Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people chose to bring it back down to Earth with a bump.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value.

Toronto Raptors lose to Cleveland Cavaliers, 105 to 103
Whether it was their seemingly unstoppable offense or defense, it was hard to find a flaw in the Cavs' Game 4 performance. James will get a full five days of rest before pushing for four more wins to make the Finals for an eighth straight year.

He has previously said that cryptocurrencies "definitely will come to a bad ending".

Gates' opinion is very close to the view of Warren Buffett who named Bitcoin a "zero-sum game".

CME Group, the world's leading financial market firm, also launched its own Bitcoin futures contracts on December 17th, 2017. Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year.

Victims Fatally Shot Inside Maryland Home Identified
Snyder's wife allegedly told police the slaughter began after she ran out of her home after being held there over the weekend. Officers breached the front door at 11 p.m., with Snyder still on the phone with negotiators, prompting Snyder to hang up.

Legendary investor Warren Buffett's portfolio won't be scooping up shares of insurers that underwrite cyber insurance. And this year, after a significant decline the price still hasn't managed to reach the mark of $10,000.

Latest News