Bill Gates denies Crypto involvement, says NFTs are based on ‘Greater Fool’ Theory

Key Takeaways

  • Bill Gates states that he is “not involved in crypto”
  • The Billionaire mocked Bored Ape NFTs by stating, “Obviously, expensive digital images of monkeys are going to improve the world immensely.”

Billionaire Bill Gates took a jibe at cryptocurrency, including nonfungible tokens(NFTs) at a climate conference conducted by TechCrunch. Calling NFT’s a sham, the business tycoon stated that it is based on the greater fool theory. Greater Fool theory refers to the idea that during a market bubble, one can make money by buying overvalued assets and selling them for a profit later because it will always be possible to find someone who is willing to pay a higher price.

His comments come as the crypto market faces one of its biggest slumps in its lifetime. Bitcoin has been bleeding for nearly a week. BTC plunged over 15% on Monday and another 5.4% on Tuesday. The crypto market is expected to remain bearish as inflation rates rise and investors engage in massive sell-off causing withdrawal delays.

During the conference held at Berkeley, California, Bill gates also didn’t forget to bash the popular Bored Ape Yacht Club (BAYC) NFT Collection. “Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said in a sarcastic tone. He adds that he is “not involved in crypto” and states that he is “not long or short any of those things.” During the event, Gates also defended the digital banking efforts he supports while taking a hit at Crypto. He stated that digital banking initiatives he supports through his philanthropic foundations are “hundreds of times more efficient” than cryptocurrencies.

Gates has criticized Crypto at many previous occasions. In a Reddit ‘Ask Me Anything’ session earlier this year, Reddit last month, Bill gates has stated that he had not distributed some of his wealth into cryptocurrencies. The Microsoft co-founder further added that he likes investing in things that have “valuable output,” arguing digital assets aren’t his cup of tea.

In February 2021, the Billionaire had expressed his concerns about Crypto in a Bloomberg Technology interview. He stated that the value of the cryptocurrency could be swayed by something as simple as a tweet from Tesla CEO Elon Musk. Gates, who is primarily concerned about the lack of regulation around the cryptocurrency, believes Bitcoin “happens to promote anonymous transactions and are irreversible.”

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Saniya Raahath

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