Bill Gates: Crypto and NFTs Are “100% Based on Greater Fool Theory”

BSC, Animoca Brands Launch $200M NFT Gaming Fund
  • 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.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.