Microsoft founder Bill Gates said yesterday at a conference that NFTs and cryptocurrencies are based on a financial theory known as “a bigger fool.” His only goal is to find someone dumber to buy inflated securities at a higher price.
During the talk held on Wednesday the 15th, and organized by TechCrunch, he joked about the Bored Ape Yacht Club, an NFT-based organization of monkeys dressed as humans that have been sold for hundreds of thousands of euros and some of their owners are famous: “For Of course, digital images of monkeys will greatly improve the world,” he said. NFTs are unique digital images owned by individuals, although they can be reproduced infinitely.
Gates expressed his preference for traditional sectors, such as farms or companies, “or a company that makes products.” He added that he is not involved in any kind of buying or selling of cryptocurrencies or NFTs.
It is not the first time that Gates has criticized this type of currency. A little over a year ago he warned people who put a lot of money into bitcoin: “I think people who get into these manias still don’t have a lot of money to waste,” he said. This is not a bad time for this type of criticism: bitcoin and other cryptocurrencies have been in decline for several weeks. At the end of the year bitcoin touched $65,000 in value and is now just over $20,000.
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