The rise of NFTs and cryptocurrency over the course of the pandemic has found many investing and reporting seeing financial gains. However, Microsoft co-founder Bill Gates has weighed in on the newer forms of currency in the financial space, saying they are “100% based on greater fool theory.”
While speaking at a TechCrunch conference this past Tuesday, Gates alluded to investors making money on assets that are worthless as long as there’s demand from a bidder. Gates didn’t stop there, as he joked about Bored Apes NFTs, referring to them as “expensive digital images of monkeys” that will “improve the world immensely.” The commentary led Gates to say what he prefers, saying “I'm used to asset classes, like a farm where they have output, or like a company where they make products.”
In a previous interview from 2021 with Bloomberg, Gates noted he wasn’t a fan of investors buying into crypto trends, saying “I do think people get bought into these manias, who may not have as much money to spare. So I’m not bullish on bitcoin.”
Source: CNN
