iPhone | iPad
Android
Huawei
From 'Scattered Barriers' to 'Khaymat Ramadan
KT APPDOWNLOAD
Not a fan of cryptocurrencies, NFTs, says Bill Gates
Digital asset trends are '100% based on greater fool theory', said the billionaire
Microsoft co-founder Bill Gates has said that he is not a fan of cryptocurrencies and NFTs.
The digital asset trend was "100% based on greater fool theory," CNN reports the billionaire said at a TechCrunch conference.
Gates implied that investors could only make money off the assets as long as others were willing to bid higher on essentially worthless items, adding he wasn't "long or short" on crypto.
Gates also mocked popular NFT company Bored Ape, sarcastically saying "expensive digital images of monkeys" would "improve the world immensely."
He pitched old-fashioned investing instead.
"I'm used to asset classes, like a farm where they have output, or like a company where they make products," he said.
ALSO READ:
The billionaire's comments come as several cryptocurrencies are crashing. Bitcoin, the world's most valuable cryptocurrency, lost two-thirds of its value after hitting an all-time high of $69,000 in November 2021.
Gates had previously expressed his distrust in cryptocurrency, saying in a 2021 Bloomberg interview that regular investors shouldn't follow Elon Musk and Tesla's lead.
"I do think people get bought into these manias, who may not have as much money to spare," Gates said. "So I'm not bullish on bitcoin."
More news from
Last week, the highly popular singer became the first woman to hit 400 million followers on Instagram in the history of the platform
He saved up Rs1, Rs2, Rs5 and Rs10 coins for the last 5-6 years in order to buy his dream bike
The film marks the first on-screen collaboration of Varun and Janhvi
Zen Film Productions' Zenofar Fathima said she's excited to have her content on a renowned platform
If you’re a tourist looking to visit Dubai during the holy month, here is a comprehensive list of everything you’ll need to know about Ramadan in the city.
Young technology enthusiasts showcase innovative solar-powered vehicle designs