Not a fan of cryptocurrencies, NFTs, says Bill Gates

Digital asset trends are '100% based on greater fool theory', said the billionaire



By Web Desk

Published: Fri 17 Jun 2022, 7:58 AM

Last updated: Fri 17 Jun 2022, 6:55 PM

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.

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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."


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