Bill Gates just labelled crypto assets, including NFT as 100% based on greater fool theory! Here is what you need to know…
Bill Gates Mocks Crypto + NFT As Assets For Fools!
Speaking at a TechCrunch conference on Tuesday, 14 June 2022, Bill Gates described digital assets like cryptocurrencies and non-fungible tokens (NFT) as something that’s “100% based on greater fool theory“.
The greater fool theory refers to the idea that investors can make money on worthless or overvalued assets, as long as they can fool other people into paying more for them.
In other words, the value of these digital assets are not inherent in their worth, but entirely dependent on whether you can hype them up so “greater fools” will buy them.
What Bill Gates Invests In, Instead Of Crypto / NFT
Bill Gates said that he was not interested in crypto at all – “I’m not involved in that. I’m not long or short any of those things“.
He shared that was only interested in asset classes that actually produce something, “like a farm where they have output, or like a company where they make products“.
Gates mocked the Bored Apes Yacht Club NFT collection, calling them “expensive digital images of monkeys” that will “improve the world immensely“.
His comments come as bitcoin and other cryptocurrencies tumbled sharply. Bitcoin – the leading cryptocurrency – crashed from a high of $69,000 in November 2021, to less than $23,000 that day.
It didn’t help that Celsius, a crypto lending firm, paused all account withdrawals, feeling fears of its insolvency and the crypto world as a whole.
The crypto exchange, Coinbase, also announced that it was laying off 18% of its employees as the cryptocurrency market continue to crater.
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