Bill Gates rejects crypto for dollar diversification, favors global equity basket

Microsoft Corp. co-founder Bill Gates stated on Friday that he would not use cryptocurrencies to diversify a portfolio away from the US dollar. In an interview with APT News, Gates was asked what asset he would select if forced to move a small portion of his holdings out of the dollar, with options including the euro, the Chinese yuan, gold, or cryptocurrency. Gates answered directly, "I wouldn't choose crypto," identifying himself as a skeptic of what he described as "pure mania-driven assets." Instead of digital currencies, Gates advocated for a globally balanced basket of equities as the superior long-term choice. He noted that he had missed the recent rally in gold and predicted that the euro would not experience significant appreciation. The billionaire, who held the title of world's richest individual for many years, emphasized that a general basket of equities offers the best long-term outlook. Gates' position on digital assets aligns with previous public remarks. In a 2018 interview, he characterized Bitcoin as an investment based on a "greater fool theory." He stated that he would bet against cryptocurrency if given the opportunity. Later in May 2022, Gates confirmed that he does not hold any cryptocurrencies, explaining a preference for assets with "valuable output." At the time of that statement in May 2022, Bitcoin was priced at $30,314.33. The price has since risen to $78,060, representing a 157% increase from that earlier level.