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.
