Bill Gates was recently asked how he would diversify away from the US dollar. He said he still avoids crypto, calling it a mania-driven asset, and prefers a globally diversified basket of stocks. His reasoning is that companies produce actual goods and generate cash flow. Bitcoin doesn't produce anything, so returns depend on someone eventually paying more for it than you did. While Bitcoin has a fixed supply and institutional backing that could push the price higher, it lacks traditional fundamentals. You can't calculate a P/E ratio or project cash flow. It's essentially a bet on future demand, which Gates argues isn't ideal for building long-term wealth compared to compounding earnings from traditional businesses.