Bill Gates Blasts Cryptocurrency Projects, Says NFTs Are Based On 'Greater-Fool' Theory

Last month, billionaire Bill Gates revealed that he does not own any cryptocurrency.

In an ¡®ask me anything¡¯ exchange on Reddit, the 66-year-old said "I don't own any (crypto). I like investing in things that have valuable output,

"The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments," he had reportedly added.

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And now, the Microsoft co-founder has again spoken against crypto and blasted the projects. He dismissed cryptocurrency projects such as nonfungible tokens (NFTs) as shams ¡°based on the greater fool theory¡±.

¡°Obviously, expensive digital images of monkeys are going to improve the world immensely,¡± Gates said sarcastically while speaking at an event in Berkeley, California hosted by TechCrunch.

¡°I¡¯m used to asset classes ...like a farm where they have output, or like a company where they make products,¡± the 66-year-old reportedly said.

As for crypto, ¡°I¡¯m not involved in that,¡± Gates added. ¡°I¡¯m not long or short any of those things.¡±

Gates was speaking last Tuesday as the founder of Breakthrough Energy Ventures, the climate-focused fund that he began in 2015.

The billionaire also defended digital banking efforts that he has supported through his philanthropic foundations, which he described as ¡°hundreds of times more efficient¡± than cryptocurrencies.

Bill Gates¡¯ blasting of crypto comes amidst the already tough times for the industry, with Bitcoin, Ethereum, Dogecoin etc falling continuously. The mass sell-offs have even hit the celebrity-favoured NFT Bored Ape Yacht Club (BAYC)¡¯s price, which has plummeted below $100k.

Earlier in February 2022, India's ace investor Rakesh Jhunjhunwala too had spoken against crypto, saying "Crypto will collapse one day."

Also Read: Warren Buffett Doesn't Believe In Bitcoin, Says He Won't Even Pay $25 For It

Warren Buffett Too Has Dismissed Bitcoin

In the last week of April 2022, at the Berkshire Hathaway Annual Shareholder Meeting, Warren Buffett too had criticized crypto, and said that bitcoin is not a productive asset and it doesn¡¯t produce anything tangible.

About ten days post that comment, LinkedIn Founder and noted venture capitalist Reid Hoffman had mentioned that 91-year-old investor Berkshire Hathaway CEO Warren Buffett may be missing a thing or two on cryptocurrencies.

"Warren doesn't understand the kind of tech platforms and what kinds of things could be useful for a global identity system that could be packed into a distributed ledger that's part of internet protocols, or ledgers for assets that you could have as part of you doing a number of different applications and so on," LinkedIn Founder had reportedly said.

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