Bill Gates and Nobel Laureates Intensify Criticism of Bitcoin

Recently, skepticism towards virtual assets (cryptocurrencies) has resurfaced. This time, voices of criticism have come from Microsoft co-founder Bill Gates, Nobel laureate Professor Eugene Fama, and Wall Street investment mogul Howard Marks.

Bill Gates: "Virtual Assets Have No Value"

In an interview with the New York Times on the 30th (local time), Bill Gates firmly responded to a question about the value of virtual assets, stating, "They have no value (None)." He added, "Even people with high IQs are deceiving themselves," reiterating his critical stance on virtual assets.

In fact, Bill Gates has been skeptical of virtual assets for a long time. In a past Reddit AMA (Ask Me Anything), he stated, "I like to invest in things that have value. I do not own any virtual assets," and remarked that "virtual assets do not contribute to society."

Professor Eugene Fama: "Bitcoin Has a High Probability of Being Worth $0 in 10 Years"

Nobel laureate Eugene Fama, a professor at the University of Chicago, has also expressed a critical view on virtual assets. Recently, in a podcast called 'Capitalisn't,' he stated, "Virtual assets violate all the rules of a medium of exchange. Such media cannot survive."

While he did not directly declare Bitcoin to be worthless, he responded to the question, "What is the probability that Bitcoin will be worth $0 in 10 years?" by saying, "I would like to say it is almost 1 (100%)."

He particularly pointed out, "What we think we know about monetary theory is that virtual assets should not survive," emphasizing that they lack stable value and are not suitable as a medium of exchange. In contrast, he explained that gold has various uses, making it preferable for people.

Howard Marks: "Virtual Assets Are Speculative Currency"

Howard Marks, chairman of Oaktree Capital, has also expressed a negative view on virtual assets. In an interview with a Korean media outlet, he stated, "Unlike companies, stocks, bonds, and real estate, virtual assets do not generate any income. Because they do not generate income, they cannot be valued."

He also remarked, "These are speculative currencies, speculative investments. They have no intrinsic value. I cannot even say what their intrinsic value is today, nor can I know their value in 10 years. The reason you buy Bitcoin is simply because you think someone will buy it from you at a higher price in the future," pointing out that investing in virtual assets is essentially 'looking for someone to sell it to at a higher price.'

What Will Happen to the Virtual Asset Market?

Recently, Bitcoin surged with the anticipation of former President Trump's inauguration, but with negative evaluations from economic scholars and investment experts like Bill Gates, it is showing unstable trends again. MS shareholders have also confirmed through last year's shareholder meeting that they have little interest in investing in Bitcoin.

As skepticism about virtual assets continues, it seems we need to watch how the market will unfold in the future. For virtual asset investors, it is essential to closely examine this controversy and make careful judgments.