- Microsoft co-founder Bill Gates thinks that crypto and NFTs are “100% based on greater fool theory.”
- Gates jokingly said “digital images of monkeys” will “improve the world immensely.”
- The billionaire confirmed that he’s not involved in crypto and won’t buy it.
Bill Gates, the multi-billionaire Microsoft co-founder, talked about his views in regards to cryptocurrencies and NFTs at TechCrunch talk on climate change Tuesday.
Gates, who is currently the fourth-richest person in the world, is not a fan of crypto and NFTs as he categorized both of them as “100% based on greater fool theory.”
The multi-billionaire sarcastically stated that the “expensive digital images of monkeys,” citing the Bored Ape Yacht Club NFT collection, is going to “improve the world immensely.” He thinks that the idea where the price of these assets mooned after investors are willing to pay for them was overrated.
Non-fungible tokens or NFTs are tokens that represent Internet collectibles like art, music, and games and have an authentic certificate created by the blockchain. These tokens can be transferred by the owners and allow them to sell or trade their NFTs. Many NFTs are created on the Ethereum network, the second-largest token next to Bitcoin.
NFTs have been criticized by many personalities, including Gates. They look at them as overrated assets that have a possibility of bringing harm to the environment, especially its investors.
Gates stated in the interview that he is more comfortable with asset classes “like a farm where they have output, or like a company where they make products.” Pointing out that he’s not involved in crypto, Gates added “I’m not long or short in any of those things.”
The global crypto market is having a rough time after the market collapsed from a $3 trillion global market cap in November last year to $800 billion, according to CoinMarketCap. At the time of writing, Bitcoin is trading at $20,495.37, down 6.95% in the last 24 hours.
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