Bill Gates Slams NFTs And Crypto Amidst Market Plunge

Billionaire’s Bill Gates dismissed cryptocurrencies and NFT speculative measures that depended on the “stupid theory” for previous price increases at the TechCrunch Climate Conference on Tuesday.

Microsoft founder philanthropist as Bitcoin’s market has fallen by more than 50% year-to-date as the market collapses
MSFT
, And long-time crypto critics call cryptocurrencies an asset class based on the belief that “someone will pay more than I do.” A more silly theory stipulates that you can make money from your assets as long as others are willing to pay more.

dangerous? When no one is willing to pay a higher price, major investors are left with worthless assets.

The crypto market is declining and Bitcoin is
BTC
Price goes down minimum value After December 2020, Gates’ claims may be shared by many.

“I’m not involved in that,” Gates said.

With a net worth of $ 122.1 billion, Gates, the world’s fourth wealthiest person, said he prefers to invest in assets that produce tangible assets, such as farms, and assets that manufacture products, such as companies. I did. Gates is also generally skeptical of the anonymity that prevails in crypto space, “essentially” you “avoid taxation and government rules of all kinds,” the TechCrunch Climate Summit said. Told the listener.

Gates joins Warren Buffett, a billionaire and skeptical of cryptocurrencies, who claimed that Bitcoin was “probably a rat stance.” 2018With a strong personal move that disagrees with crypto hype.

“I like to invest in things that deliver valuable results. Corporate value is based on how good products are manufactured. Cryptographic value is social like any other investment. Instead of adding to, someone else decides that someone else will pay for it, “he said.

In his talk, Gates chose non-fungible tokens (NFTs) as particularly speculative. When asked about one of the major NFT collections, the Bored Ape Yacht Club (BAYC), Gates turned to ridicule. “Obviously expensive digital images of monkeys will greatly improve the world,” he ironically said.

BAYC, considered a leader in the NFT market, had a minimum price of less than $ 100,000 on Tuesday. This is not the level since April 2021. The lowest price for NFT collections represents the cheapest amount you can pay to buy a series of assets. ..Entry-level Bored Ape NFT prices have dropped to 79.266 ETH
ETH
($ 96,552 at the time of writing) According to data from a record high of 153.582 ETH ($ 429,274 at the time of writing) in late April Minimum charge for NFT..

Gates also mentioned the current economic reality in his speech, saying “things are probably changing as rapidly.” [he’s] I’ve seen it in his lifetime. The market is waiting for a public meeting of the Federal Reserve Board today. Be expected To raise interest rates.

“We will enter many of these winter seasons,” he predicts.