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‘They Are 100% Based On Greater Fool Theory’ – Bill Gates Blasts Cryptocurrency And NFTs Investments

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Microsoft co-founder Bill Gates has called cryptocurrencies and Non Fungible Tokens a sham.

Gates said he’s not a fan of digital currencies or investments and that cryptocurrencies and NFTs are “100% based on greater fool theory.”

Cryptocurrency Ban, And Other Events Over The WeekendNFTs are tokens that can’t be exchanged for one another. They’re often touted as a way to prove ownership of digital assets like art or sports collectibles. Many NFTs are built on the network behind ethereum, the second-biggest token.

Speaking at a TechCrunch talk on climate change Wednesday, Gates described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.

Femi Fani-Kayode Queries Dangote On His Trucks Killing More Nigerians Than AIDSGates joked that “expensive digital images of monkeys” would “improve the world immensely,” referring to the much-hyped Bored Ape Yacht Club NFT collection.

“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates said.

CryptocurrencyAs for crypto, “I’m not involved in that,” Gates added. “I’m not long or short any of those things.”

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Bitcoin was last trading at $21,107 on Wednesday, down 7% in the last 24 hours. The world’s biggest cryptocurrency has erased over half of its value since the start of 2022.

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Photo Credit: Getty 

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