(CTN News) – Bill Gates isn’t a fan of cryptocurrencies and NFTs.
“These digital asset trends are 100% based on the greater fool theory,” the Microsoft co-founder said at a TechCrunch conference on Tuesday. The greater fool theory holds that investors can make money on worthless or overvalued assets as long as they are willing to pay more for them.
Bill Gates added that he is “not long or short” on crypto. In addition, he mocked Bored Apes NFTs by joking that “expensive digital images of monkeys” will “improve the world immensely.”
In his opinion, Gates prefers to invest the old-fashioned way.
“I am used to asset classes like farms or companies that produce products,” he said.
Bitcoin and other cryptocurrencies are crashing at the same time as his comments. Bitcoin reached an all-time high of $69,000 in November 2021.
Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value. About 25% of its value has been lost since Friday.
Crypto exchange Coinbase laid off 18% of its staff as the market for digital currencies continues to crumble.
Bill Gates previously doubted cryptocurrencies. In a 2021 interview with Bloomberg, Gates said it was one thing for Elon Musk and Tesla to invest in bitcoin, but the average investor shouldn’t follow their example.
It’s likely that some people get caught up in these manias, who may not have as much money to spare,” Gates said. “So I’m not bullish on bitcoin.”
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