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.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    World

    Late-night host Jimmy Kimmel didn’t hold back in mocking President Donald Trump after Trump claimed he was the target of “triple sabotage” during his...