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Bill Gates says NFTs and cryptocurrency based on ‘greater fool theory’

Microsoft founder Bill Gates said on Tuesday that non-fungible tokens (NFTs) are “more based on stupid theory than 100%.”

Gates, Speech at TechCrunch ConferenceHe said he was not involved in cryptocurrencies, adding that he was accustomed to asset classes such as “the farms they produce, or the companies they manufacture their products.”

He added that NFTs and cryptocurrencies are 100% based on “a kind of bigger idiot theory that someone will pay more than I do”.

According to Gates, the focus of cryptocurrency and NFT movements is anonymity, allowing buyers to circumvent “kidnapping fees and things” taxation and government rules.

Billionaire also jokingly added, “Digital images of monkeys will significantly improve the world,” targeting the Ethereum NFT’s “Bored Apes” collection.

Cryptocurrency is a pandemic Have Integrated into more asset portfoliosCurrently, banks and brokers offer purchasing and storage services. Various celebrities also offer cryptocurrencies and their many celebrity nominations, include Former First Lady Melania TrumpEntered the world of NFT.

Gates comments come after Bitcoin Slumping nearly 23 percent On the weekend, Has reached the lowest point since the end of last year. Ethereum, the second most popular cryptocurrency, also fell 32%.

Cryptocurrency market capitalization fell below $ 1 trillion for the first time since January as investors unloaded digital coins.

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