Bill gates states that the only way he would make money on Bitcoin is to short the coin.
Bill gates Yesterday told the CNBC-program Sqwuak box he would only make money on Bitcoin by shorting on it. The only reason people buy Bitcoin is because they think someone else will buy them later on for even more money, known as the greater fool theory. Bill gates once got some Bitcoins for his birthday but he sold them in an early stage.
Bill gates is seeing advantages in the blockchain technology behind the Bitcoin but he still thinks the coin is to speculative to really earn money on it.
Shorting something is a term used in the stock market. When you short a stock you predict the stock is going to drop in value.
At this moment the Bitcoin is worth $9.257,95