Bill Gates just does not like crypto and NFTs.
Speaking at a TechCrunch event on climate change on Tuesday, the billionaire Microsoft co-founder described the trend as “100% based on greater fool theory,” referring to the premise that overvalued assets will rise in price when there are enough investors ready to pay more for them.
Gates also joked that “expensive digital images of monkeys” will “improve the world immensely,” appearing to mock the much-hyped Bored Ape Yacht Club NFT collection.
Bill Gates doesn’t want involvement in crypto, NFT
When questioned about his thoughts on crypto and NFTs, he derided the high prices of some NFT collectibles. He also stated that the types of assets he prefers are not cryptos.
“I’m used to asset classes … like a farm where they have output, or like a company where they make products, I’m not involved in that (crypto). I’m not long or short any of those things.”
Not for the big boys
Gates is not the only billionaire who has a poor opinion about cryptocurrency and other digital assets.
Previously, renowned investor and Berkshire Hathaway CEO Warren Buffett blasted cryptos, particularly Bitcoin. Buffet stated during Berkshire Hathaway’s annual shareholder meeting last month: “If you told me to own all the Bitcoin in the world and offered it to me at $25, I wouldn’t take it.”
Buffet, like Gates, dislikes cryptocurrencies for similar reasons. He clarified his position at the conference, claiming that having Bitcoin creates no value.
This week, cryptocurrency prices plummeted after Celsius, a crypto lending service, halted all account withdrawals. The fiasco has stoked concerns about Celsius’s impending insolvency, as well as probable ripple effects across the crypto market. Celsius, for its part, claims to be “working round the clock for our community.”