Bill Gates Blasts Crypto and NFTs Amid Bear Market
Microsoft co-founder Bill Gates has slammed crypto and NFTs, saying that they are “100% based on greater fool theory.”
Gates claims that these digital entities can not improve the world in any way.
The tech billionaire has repeatedly disclosed that he’s not involved in cryptocurrencies.
Bill Gates is not in support of crypto and NFTs. While speaking at a TechCrunch talk on climate change on Tuesday, the billionaire said that the idea was “100% based on greater fool theory”.
His statement was based on the phenomenon that overvalued assets’ prices will increase as the number of investors willing to pay for them increases.
In addition to that, the Microsoft co-founder joked that “expensive digital images of monkeys” would “improve the world”. In this instance, he was referring to the much-hyped Bored Ape Yacht Club NFT collection.
What are NFTs?
NFTs are tokens that can’t be exchanged for another. They are often promoted as a way to prove ownership of digital assets such as music and art. Many critics however claim that they are overhyped and harmful to the environment due to their high energy consumption.
As for cryptocurrencies, Gates said that he is also “not involved in that”. He added that he’s “not long or short any of those things.”
Cryptocurrencies crashed big this week after Celcius, a leading crypto lending company, announced that it had paused all account withdrawals. The news caused fears among the crypto community over the possibility of an insolvency event for the crypto firm.
Bitcoin has crashed to $21,107 in the past few days. The flagship cryptocurrency is not down by more than 70% from it’s all-time high.