Bill Gates Slams Crypto And NFTs As Based On ‘Greater-Fool’ Theory
At a climate conference on Tuesday, billionaire Bill Gates blasted cryptocurrency schemes such as nonfungible tokens as shams “based on the greater-fool theory,” echoing previous attacks of digital assets.
Bill Gates has previously attacked cryptocurrency, arguing with Elon Musk last year about whether Bitcoin is too risky for individual investors and the environmental damage caused by mining currencies.
Speaking as the founder of Breakthrough Energy Ventures, the climate-focused fund he established in 2015, Bill Gates emphasized the difficulties of hiring Silicon Valley experts to work in businesses such as chemicals and steel production that require fewer greenhouse gas emissions.
Gates made the remark sarcastically while speaking at a TechCrunch event in Berkeley, California. He stated that he is neither long nor short in the asset class:
“Obviously, expensive digital images of monkeys are going to improve the world immensely,”
Bitcoin fell more than 15% on Monday and another 5.4% on Tuesday, part of a larger crypto selloff driven by higher-than-expected US inflation and the suspension of withdrawals by loan site Celsius. Popular NFT collections, such as the celebrity-favored Bored Ape Yacht Club (BAYC), have also taken a beating.
Gates also defended digital banking initiatives he’s sponsored through his philanthropic institutions, calling them “hundreds of times more efficient” than cryptocurrencies.
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