Connect with us

Hi, what are you looking for?

Cryptocurrency

Bill Gates slams crypto & NFTs, Says They Are 100% Based on Greater Fool Theory’

Bill Gates, co-founder OF Microsoft, has called cryptocurrencies and Non Fungible Tokens a sham

Gates said he’s not a fan of digital currencies or investments and that cryptocurrencies and NFTs are “100% based on greater fool theory.”

NFTs are tokens that can’t be exchanged for one another. They’re often touted as a way to prove ownership of digital assets like art or sports collectibles. Many NFTs are built on the network behind ethereum, the second-biggest token.

Speaking at a TechCrunch talk on climate change Wednesday, Gates described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.

Gates joked that “expensive digital images of monkeys” would “improve the world immensely,” referring to the much-hyped Bored Ape Yacht Club NFT collection.

“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates said.

As for crypto, “I’m not involved in that,” Gates added. “I’m not long or short any of those things.”

Bitcoin was last trading at $21,107 on Wednesday, down 7% in the last 24 hours. The world’s biggest cryptocurrency has erased over half of its value since the start of 2022.

Click to comment

Leave a Reply

Your email address will not be published.

ad

You May Also Like

Tech

Chika Ekeji, Chief Strategy & Transformation Officer of MTN Group, has reiterated the company’s commitment to become the largest, most valuable business platform in...

Tech

Opinion Moulders in the technology and business circle in Africa are set to gather in Lagos, Nigeria (West Africa) on 9 November 2022 for...

Tech

Clickatell, a CPaaS innovator and Chat Commerce leader, discussed with attendees at its Connect Interact and Transact (CIT) annual Joburg event on Tuesday the...

News

The National Information Technology Development Agency (NITDA) has continued to display its commitment to the sustainability of a digitally transformed Nigeria by engaging the...