Bill Gates, the co-founder of Microsoft, has recently stated that cryptocurrency investments such as non-fungible tokens (NFTs) are based on “greater fool theory.”
Gates said this when representing Breakthrough Energy, the venture capital firm he established to invest in renewable energy sources, at a climate conference presided by TechCrunch.
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Bill Gates also noted:
“I’m used to asset classes … like a farm where they have output, or like a company where they make products. I’m not involved in that. I’m not long or short any of those things.”
Mocking the Bored Ape Yacht Club NFTs, which generated millions of dollars in funding and endorsed by various celebrities, the multi-billionaire questioned how expensive digital photographs of monkeys would bring improvement to the world.
TechCrunch tweeted, “Bill Gates tells us what he really thinks of Bored Apes at #TCClimate.”
Bill Gates tells us what he really thinks of Bored Apes at #TCClimate: pic.twitter.com/vBc8BaaTup
— TechCrunch (@TechCrunch) June 14, 2022
According to Bill Gates, digital banking, which he has been promoting through his charitable organizations, is more efficient than cryptocurrencies.
Bill Gates Has Been a Stern Crypto Critic
Bill Gates has been vocal about his status of not being a fan of Bitcoin (BTC) and crypto as a whole.
Back in May 2022, during an AMA session on Reddit, he spoke about the reason why he does not own any cryptocurrency.
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On this point, he said:
“I like investing in things that have valuable output. The value of companies is based on how they make great products. 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.”
Also, he had once stated that only those with the kind of Elon Musk’s wealth should get themselves involved in crypto investment.
He said, “If you have less money than Elon, you should probably watch out,” adding that “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down…
“I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin.”
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