Tuesday, October 7, 2025

Latest

Bill Gates: Cryptocurrencies are ‘Based on Greater Fool Theory’

Microsoft cofounder and billionaire Bill Gates continues to throw shade at cryptocurrencies and NFTs, scoffing that they are merely worthless assets that only have value as long as traders are inclined to bid them higher.

With bitcoin and other major digital assets undergoing a sharp slide amid a broader crypto market downturn, Gates took a moment during the TechCrunch conference on Tuesday to highlight his distaste for anything virtual currencies. “I’m used to asset classes, like a farm where they have output, or like a company where they make products,” he said, explaining that cryptocurrencies are “100% based on greater fool theory.”

The billionaire said he is neither long or short cryptocurrencies, but took a swipe at Bored Apes NFTs, sarcastically amusing that “expensive digital images of monkeys” will “improve the world immensely.” His comments come as bitcoin continues to shed substantial value, falling from a record-high of $69,000 in November 2021 to less than $23,000 this week.

Information for this briefing was found via CNN. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

India Mulls Banning Nearly All Cryptocurrencies in New Financial Regulation Bill

Cryptocurrencies just can’t seem to get a break. The regulatory crackdown on cryptocurrencies continues, except...

Wednesday, November 24, 2021, 03:30:00 PM

Microsoft Votes No on Bitcoin Despite Saylor’s Plea

Microsoft Corporation (NASDAQ: MSFT) has officially decided to steer clear of Bitcoin as part of...

Wednesday, December 11, 2024, 12:55:00 PM

Binance Tightens Controls After Involvement with Sanctioned Russian Banks Revealed

Binance has ceased facilitating payments through sanctioned Russian banks after a Wall Street Journal exposé...

Monday, August 28, 2023, 03:40:00 PM

Court Greenlights FTX’s $16.5 Billion Customer Reimbursement Plan

FTX has received court approval for its bankruptcy plan, allowing it to repay customers using...

Tuesday, October 8, 2024, 10:12:56 AM

Mike McGlone: Bitcoin Is Replacing Gold – The Daily Dive

On this episode of the Daily Dive, Cassandra sits down with returning guest Mike McGlone,...

Friday, August 20, 2021, 01:30:00 PM