Bill Gates has never been afraid to voice his opinion on cryptocurrencies and NFTs.
The Microsoft co-founder shared his sentiments towards cryptocurrency, saying it held no real value. He once again echoed those same thoughts while speaking at a TechCrunch talk about climate change on Tuesday.
In a recent interview, Bill Gates referred to crypto currency as “100% based on greater fool theory. The former Microsoft CEO alluded to the idea that investors could earn revenue from overvalued assets provided people are willing and able.
In the interview, Bill Gates took a swipe at cryptocurrencies and the Bored Ape Yacht Club NFTs. Although he did not call them out by name. He joked that “expensive digital images of monkeys” would improve the world immensely.
NFTs (non-fungible tokens) are digital collectibles in the cryptocurrency space that cannot be trade for one another. They often get hype from being able to prove ownership over assets like art or music. With an extra layer on top giving them more value in terms.
NFTs are not without their critics. Many claim that despite virtual currency’s success. NFTs have been overestimate and may even be environmentally harmful due to their energy-intensive production.
Most NFTs are built on the same network behind the second top cryptocurrency in the market, Ethereum.
Bill Gates made it clear he is not a big fan of crypto currency. The Microsoft co-founder said he was “not long or short” on cryptocurrencies and preferred old fashioned investing – particularly in something that could produce valuable output.
“I’m used to asset classes, like a farm where they have output, or like a company where they make products,” Gates explained.
Bill Gates’ comments follow an unprecedented crash in the crypto market, bringing down Bitcoin from its all-time high of $69K in November last year.
The top cryptocurrency has lost more than two thirds of its value since Tuesday, falling below $23k.