Bill Gates says crypto and NFTs are all about finding a ‘greater fool’

By June 19, 2022NFT
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Bill Gates believes that cryptocurrencies and NFTs –digital images whose ownership can be registered even if there are thousands of copies– they are a farce. During a TechCrunch conference, the co-founder of Microsoft assured: that both trends are “100% based on the older fool theory,” the notion that investors can make a lot of money on worthless assets as long as there is a third party willing to pay for it.

Although it was a talk about climate change, the American businessman and philanthropist ironized He discussed virtual currencies and non-fungible tokens, two phenomena that have become especially popular in the last two years. Thus, he scoffed of the Bored Ape Yacht Club– a collection of NFTs owned by celebrities such as Justin Bieber or Paris Hilton and that have sold for millions of dollars per unit – , joking that “expensive digital images of monkeys will improve the world immensely.”

Gates's criticisms come at a particularly sensitive time of crisis for the crypto environment. Bitcoin and Ethereum, the two best-known virtual currencies, have been collapsing for weeks, dragged down by the failure of other tokens such as Terra or Luna or by the collapse of platforms crypto trading like Celsius Network. Since in November it reached From its highest historical value of $69,000 a unit, Bitcoin has plummeted to the current $19,800. The collapse of this market has led other 'trading' platforms such as Coinbase to announce that it will fire Coinbase. 18% of their employees.

For Gates, the idea behind cryptocurrencies or NFTs is that they are worthless assets. “I'm used to asset classes like a farm where it's produced, or like a company where products are made,” he said.

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