Bill Gates Finds Crypto Currency, NFTs ‘100% Based On Greater Fool Theory’
Microsoft co-founder and billionaire Bill Gates recently, in a speaking engagement at TechCrunch conference held June 14, shared that he believes crypto and Non-Fungible Tokens (NFTs) are based on the ‘greater fool theory’.
Gates sarcastically added that “expensive digital images of monkeys” are going to “improve the world immensely”, in reference to the NFTs by Bore Ape Yacht Club NFT collection.
It is already a popular knowledge that Bill Gates does not like cryptocurrencies. He said the idea of NFTs is based on the belief that overvalued assets will further rise if enough investors are willing to pay more for them.This is supported by many people who see NFTs as overhyped.
“(I am) used to asset classes…like a farm where they have output, or like a company where they make products,” Gates added.
Gates comments come at a time when the crypto market is already knee deep in crises. Only this week, Celsius, a crypto lending firm, paused its account withdrawals, UST which was considered a stable coin collapsed and Bitcoin lost 7% of its value.