Bill Gates Deems Cryptos and NFTS as based on ‘greater-fool’ theory

Recent developments suggest that multi-billionaire Microsoft-founder, Bill Gates, is against the concept of cryptos and non-fungible tokens (NFTs). He described digital currencies and the technologies surrounding them as “100 percent based on the greater fool theory” at a climate conference this Tuesday. This comment brings back the backlash and the negative outlook cryptos were accustomed to until a couple of years back.

Gates’ criticism of cryptocurrencies is nothing new. The billionaire got into a tussle with Tesla CEO Elon Musk over the risks surrounding the usage of Bitcoin last year. This Tuesday, Bill Gates was present as the founder of Breakthrough Energy Ventures, his climate-focused fund that aims at reducing the world’s carbon emissions by implementing efficient machines. In this Berekely, California-based event, he also spoke about the increasing difficulty his fund is facing in recruiting silicon valley engineers to work on lowering greenhouse gas emissions.

Coming to Bill’s comments on crypto, his words were, “Obviously, expensive digital images of monkeys are going to improve the world immensely.” The billionaire was extremely sarcastic with his tone.

This statement comes amidst the ongoing crypto winter. Bitcoin fell by another 15% this Monday and another 5.4% this Tuesday, pushing it below $20,000, down from its $69,000 peak. NFT collections are also starting to get hit as buyers no longer want to pay as much as they would have a few months ago. The celebrity-favored Bored Ape Yacht Club (BAYC) is among the collections to be hit hard.

Bill Gates is also known for supporting digital bank payments over crypto transactions. He had previously described digital transactions as “hundreds of times more efficient” than cryptocurrencies.

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