Bill Gates says that NFTs are based on the “greater fool theory” in every way
“Obviously, expensive digital images of monkeys are going to improve the world immensely.”
Bill Gates is not a fan of cryptocurrencies or non-fiat currencies.
Gates also said that he doesn’t like or dislike crypto.
And he made fun of Bored Apes NFTs by joking that “expensive digital images of monkeys” will “improve the world immensely.”
Instead, Gates said that he likes investing the old way.
“I’m used to asset classes, like a farm where they have output, or like a company where they make products,” he said.
Bill Gates says that NFTs are based on the “greater fool theory” in every way.
Bill Gates said that NFTs are “100% based on greater fool theory.”
The “greater fool theory” is that even overpriced assets can make money if you can sell them to a bigger idiot.
This isn’t the first time that Gates has said he doesn’t trust cryptocurrencies. In 2021, Gates said, “I do think that people who don’t have as much money get caught up in these crazes.”
When he spoke in 2021, the price of Bitcoin went through the roof. In April of that year, it would hit a high of $63,000.
They may, like Gates, believe in the “greater fool” theory of NFTs, which says that there are more idiots out there. They just have to find them.
Gates quickly moved on from the sarcastic bit to a 30-second critique of NFTs and the crypto market.
“It’s possible that the traditional art market is also a pyramid scheme. I’m neither long nor short on any of them.”
He also said that he is not interested in any asset that “at its core has this sort of anonymity that lets you avoid taxation or any kind of government rules.”
NFTs have been hurt recently, just like cryptocurrencies.