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Bitcoin and other cryptocurrencies are "kind of a pure 'greater fool theory' type of investment," Microsoft co-founder Bill Gates said Monday on CNBC's "Squawk Box."
"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment," Gates said on CNBC's "Squawk Box."
"I agree I would short it if there was an easy way to do it," Gates said.
Bitcoin has lost more than half its value after briefly peaking slightly above the $19K mark last year.
Roughly $9.8 billion has been raised through sales of new coins, or ICOs, since 2016, according to financial research firm Autonomous Next.
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