Tech billionaire Bill Gates is once again aiming for the world of cryptocurrency, reigniting a long-running feud between traditional tech titans and digital‐asset evangelists.

In a recent interview with The Economic Club of New York, the Microsoft co-founder reaffirmed his view that Bitcoin and most other cryptocurrencies are “essentially based on the greater fool theory,” arguing that their value depends solely on the hope that someone else will be willing to buy at a higher price.

“Crypto doesn’t produce anything. It doesn’t create jobs or add real value to society like vaccines, clean energy, or AI. It’s just a speculative asset,” Gates said.

The timing of his remarks is notable as Bitcoin currently trades around $113,001 — down nearly 13% from its July 14, 2025, all-time high of $123,218, while Ethereum hovers near $3,300, battling to reclaim its bullish momentum that almost saw it pass the $4000 mark.

The crypto market has seen massive inflows from Wall Street institutions over the past year following the approval of U.S. spot Bitcoin ETFs. However, Gates remains unconvinced.

“Wasteful and Risky” — Gates’ Usual Crypto Critiques Return

Gates, who has never owned cryptocurrency, highlighted three core reasons for his continued distrust:

• Environmental cost: Bitcoin mining still consumes as much energy annually as some small countries.
• Lack of intrinsic value: He argues that crypto doesn’t produce goods or services.
• High risk to uninformed investors: Gates warned ordinary Americans not to “confuse hype with innovation,” saying it’s easy to lose life savings chasing price swings.

“Technology should be about solving real problems, not inventing new gambling chips,” he added — a clear swipe at current market speculation.

Crypto Titans Hit Back

As expected, leading voices in the crypto space wasted no time firing back.

Michael Saylor, Executive Chairman of MicroStrategy and one of Bitcoin’s biggest institutional bulls, responded on X (formerly Twitter):

“Bitcoin has already proven itself as digital property and a long-term hedge against fiat erosion. Some people build new worlds, others just don’t get it.”

Binance founder Changpeng “CZ” Zhao similarly clapped back, writing:

“People said the internet had no real value in 1995. Look at us now.”

Cathie Wood of ARK Invest also suggested Gates’ stance reflects the “classic innovator’s dilemma,” saying legacy leaders often struggle to embrace disruptive technologies.

Not His First Rodeo: Gates’ History of Bitcoin Doubts

Gates’ skepticism goes back nearly a decade. In 2018, he famously declared he would “short bitcoin if there was an easy way to do it,” warning that crypto was directly linked to criminal activity and financial bubbles.

In 2022, he mocked Bored Apes and NFTs as “100% based on greater fool theory.” While many predicted he would soften his stance as institutional adoption surged, 2025 has made it clear — Gates is unmoved.

Meanwhile, other industry players, namely, Eric Trump, have urged investors to seize the opportunity and put their money when the prices of major cryptocurrencies are plummeting, saying, “Buy the dips.”

Regulation Rising, Opinions Divided

His latest comments come as regulators worldwide tighten oversight over crypto exchanges. Binance, once criticized for skirting global laws, has recently beefed up its compliance divisions in the U.S. and Europe.

Binance’s major rival Coinbase, continues to lobby in Washington for clearer digital-asset rules.

Some analysts believe Gates is intentionally applying pressure on regulators not to ease up. “He’s signaling to Washington this space still looks dangerous,” one policy veteran told CryptoCaviar.org.

Community Split: Genius Warning or Boomer Take?

Across Reddit, X, and Telegram, Gates’ remarks have sharply divided opinion. Some users praised him for his blunt realism. Others dismissed him as being “out of touch with modern finance” and accused him of trying to protect outdated systems.

🧭 Final Word

Whether Gates is a visionary watchdog or just missed the crypto train entirely, one thing is certain — his voice still commands attention across business, tech, and finance.

And while he argues Bitcoin is built on “greater fools”, millions of crypto believers such as Eric Trump, Congress, and dozens of female celebrities would argue he’s becoming one for not paying attention.

Do you agree with Bill Gates? Or do you back the Saylor–CZ side of history? Sound off now on @CryptoCaviarOrg.