Bill Gates isn’t a believer in cryptocurrencies or non-fungible tokens.
The Microsoft co-founder stated Tuesday at a TechCrunch conference that those digital asset trends are “100% based on bigger fool theory,” referring to the idea that investors can profit from worthless or inflated assets if people are ready to bid them higher.
Gates has stated that he is “neither long nor short” on the subject of cryptocurrency. He also made fun of the Bored Apes NFTs, stating that “expensive digital photos of monkeys” will “immensly benefit the world.”
Gates, on the other hand, prefers traditional investment.
“I’m used to asset types like a farm with output or a corporation that produces items,” he explained.
His remarks come as the price of bitcoin and other cryptocurrencies plummets. In November 2021, Bitcoin reached an all-time high of $69,000. The world’s most expensive cryptocurrency has lost two-thirds of its value since then, falling below $23,000 on Tuesday. Since Friday, it has lost approximately a quarter of its worth.
Exchange of cryptocurrencies Coinbase has stated that it will lay off 18% of its workforce as the digital currency market continues to deteriorate.
Gates has previously expressed reservations about cryptography. Gates said in a 2021 interview with Bloomberg that it’s one thing for Elon Musk and Tesla to invest in bitcoin, but that doesn’t imply normal investors should.
“I believe that folks who may not have as much money to spare are drawn into these manias,” Gates stated. “As a result, I’m not a bitcoin bull.”
