Business
Billionaire, Bill Gates, mocks cryptocurrency, NFTs
Microsoft co-founder, Bill Gates, has launched another attack at the cryptocurrency community and Non Fungible Tokens (NFT) operators, mocking the digital assets as a sham driven by the greater fool theory in the investment market, without adding any value to the world.
The greater fool theory is the purchase of overvalued assets by an individual, with hope that there will be another investor willing to acquire the asset at a higher price, before the value depreciates in the hands of the last investor holding it.
This expectation of a willing buyer to pay more than the intrinsic value of the asset is what Gates says is fuelling the growth of bitcoin and other cryptocurrencies, as well as the NFTs, which is a set of paintings that gives authenticity to art ownership.
Read also:Twitter could be worse under Elon Musk, Bill Gates says, addresses feud with Tesla boss
Expressing his view against the digital innovation on Wednesday, during TechCrunch seminar, Gates said he prefers traditional asset classes like investing in a company, or buying a farm, stating that they add value to the society.
Ripples Nigeria had previously reported that Musk advised persons who are not as rich as the world’s wealthiest man, Elon Musk, to stay away from the cryptocurrencies, due to the risk involved.
Gates said cryptocurrencies and NFTs don’t add value, mocking the Bored Ape Yacht Club NFT collection by stating expensive digital images of monkeys would improve the world immensely.
The investor said, “I’m used to asset classes … like a farm where they have output, or like a company where they make products,”, adding “I’m not involved in that (cryptocurrency and NFT),” and “I’m not long or short any of those things.”
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