Microsoft co-founder Bill Gates has slammed cryptocurrencies and Non Fungible Tokens.
According to him, crytos and NFTs are a sham.
Gates mentioned he’s not a fan of digital currencies or investments and that cryptocurrencies and NFTs are “100% based on greater fool theory.”
NFTs are tokens that may’t be exchanged for each other. They’re usually touted as a technique to show possession of digital property like artwork or sports activities collectibles. Many NFTs are constructed on the community behind ethereum, the second-biggest token.
Speaking at a TechCrunch discuss on local weather change Wednesday, Gates described the phenomenon as one thing that’s “100% based on greater fool theory,” referring to the concept that overvalued property will go up in worth when there are sufficient buyers keen to pay extra for them.
Gates joked that “expensive digital images of monkeys” would “improve the world immensely,” referring to the much-hyped Bored Ape Yacht Club NFT assortment.
“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates mentioned.
As for crypto, “I’m not involved in that,” Gates added. “I’m not long or short any of those things.”
Bitcoin was final buying and selling at $21,107 on Wednesday, down 7% within the final 24 hours. The world’s greatest cryptocurrency has erased over half of its worth because the begin of 2022.
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