Bill Gates, co-founder of Microsoft, has called cryptocurrencies and Non Fungible Tokens a sham, glamsquad reports.
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Gates stated that cryptocurrencies and NFTs are “100% based on greater fool theory,” and that he is not a fan of digital currencies or investments.
NFTs are tokens that cannot be exchanged for other tokens. They’re frequently promoted as a means of proving ownership of digital assets such as art or sports collectibles. Many NFTs are built on the Ethereum network, which is the second-largest token.
Speaking at a TechCrunch talk on climate change on Wednesday, Gates described the phenomenon as “100% based on greater fool theory,” referring to the idea that overpriced assets will rise in value if enough investors are willing to pay more for them.
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“expensive digital images of monkeys” would “immeasurably improve the world,” referring to the much-touted Bored Ape Yacht Club NFT collection.
“I’m used to asset classes… like a farm with output or a company with products,” Gates explained.
“I’m not involved in that,” Gates said of cryptocurrency. “I’m neither long nor short in any of those dimensions.”
Bitcoin was last traded at $21,107 on Wednesday, down 7% in the previous 24 hours. Since the beginning of 2022, the world’s largest cryptocurrency has lost more than half of its value.