Bill Gates, the co-founder of Microsoft, believes that cryptos and NFTs are “greater fool theory” investments, stating sarcastically that expensive digital images of monkeys would definitely enhance the world.
Gates restated his uncertainty about cryptocurrencies and the digital asset space at this year’s TechCrunch Sessions: Climate 2022, citing the greater fool theory to explain why he does not endorse cryptocurrencies or NFTs.
I’m adopted to asset classes that contain output, or like a company that makes products, Gates explained, adding that he is not involved with cryptos and will “not long or short any of those things.”
Bill Gates, the former world’s richest man, may know a thing or two about money, but despite institutional investment in cryptocurrency remaining high, Bill Gates maintains his deposition of digital assets, drawing on the greater fool theory – which is based on the idea that there will always be people willing to pay for overpriced assets, commenting particularly on NFTs and citing to the Bored Ape Yacht Club how lavish digital images of monkeys would definitely enhance the world.
Investors only profit by selling to a bigger fool.
Gates reiterated his anti-bitcoin stance in a February interview with Bloomberg, saying that if your money is less than Elon’s, you should probably watch out.
While Gates may not be in favor of digital assets, he supports digital banking, noting that it is many times more efficient than digital currencies. His foundation, The Bill and Melinda Gates Foundation, has offered financial support for various digital banking initiatives that assist the unbanked.
The Microsoft co-founder commented on the chaotic economic conditions, saying that they are changing probably as quickly as I’ve ever seen in my lifetime.
Gates’ comments come at a difficult time for the crypto market, and while he may not be a fan of cryptocurrencies, his sarcastic remarks are unlikely to be well received in the crypto community.
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