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

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Amazon Denies Plans for Bitcoin Acceptance

Bitcoin plummeted back down to earth Monday afternoon, after Amazon (NASDAQ: AMZN) denied claims that...

Tuesday, July 27, 2021, 09:57:00 AM

Former OpenSea Head Found Guilty of NFT Insider Trading

In a landmark case involving the burgeoning NFT market, Nate Chastain, the ex-head of product...

Thursday, August 24, 2023, 06:17:00 AM

Elon Musk’s Bitcoin Comments Trigger $365 Billion Sell-Off In Crypto Market

The world’s largest digital asset, bitcoin, plummeted sharply following Tesla CEO Elon Musk’s twitter comments...

Friday, May 14, 2021, 11:52:00 AM

Bitcoin Emits More Carbon Than Syria Or Switzerland–But Is That Bad?

Bitcoin miners have emitted about 200 million tonnes of CO2 in the cryptocurrency’s short history,...

Wednesday, October 5, 2022, 02:19:00 PM

Binance Ends Stock Token Support Immediately Following Additional Regulatory Crackdowns

It appears that Binance is finally waving the white flag. The company this morning issued...

Friday, July 16, 2021, 08:49:10 AM