Microsoft co-founder Bill Gates says a globally diversified basket of equities remains his preferred long-term investment, while again rejecting cryptocurrency as a portfolio alternative. Ask
Microsoft co-founder Bill Gates says a globally diversified basket of equities remains his preferred long-term investment, while again rejecting cryptocurrency as a portfolio alternative.
Asked in an Aug. 28 interview with APT what he would choose if forced to diversify outside the U.S. dollar, Gates immediately ruled out crypto.
“I wouldn't choose crypto,” he said, describing himself as a skeptic of “pure mania-driven assets.”
He was also cautious on gold, saying he had “missed that run” after the metal’s strong advance.
Gold had been one of the stronger-performing traditional safe-haven assets. Spot gold fell to a near two-week low on Aug. 31 after Federal Reserve Chair Kevin Warsh struck a hawkish tone at Jackson Hole, reinforcing expectations that interest rates could rise if inflation remains too high. Nonetheless, the bullion has gained more than 25% in a year.
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Instead, Gates said, “I think a basket of equities in general is your best long-term, ideally globally balanced basket of equities.”
Gates, who co-founded Microsoft in 1975, has been a longtime critic of Bitcoin and speculative cryptocurrencies.
In May 2018, he told CNBC that Bitcoin was a “pure ‘greater fool theory’ type of investment,” arguing that the asset itself does not produce anything.
He went further during the same interview, saying, “I would short it if there was an easy way to do it.”
Gates later said in May 2022 that he did not own any cryptocurrencies and preferred investing in assets with productive output.
Gates’ latest criticism comes despite a sharp recovery in Bitcoin in August.
The leading cryptocurrency has gained roughly 24% over the past month, putting it on track for one of its strongest August performances in years.
The rally followed a rebound from levels near $64,000 earlier in the month, alongside renewed institutional inflows and improving sentiment around U.S. crypto policy.
The gains have also highlighted the gap between Gates’ long-standing skepticism and Bitcoin’s longer-term price performance.
When Gates criticized Bitcoin in May 2018, the cryptocurrency traded near $9,300. It has since risen more than eightfold, though with significant volatility along the way.
Bitcoin price at press time. Source: DecibelAt the time of writing, Bitcoin was trading at about $77,993 on Decibel, down roughly 1.1% over the previous 24 hours.
