Bill Gates Says Cryptocurrency And NFT Are A Farce

New York (CNN Business) – Do not count Bill Gates among the enthusiasts of cryptocurrency and non-fungible tokens (NFTs).

These digital asset trends are “100% based on the biggest hoax theory,” the Microsoft co-founder said Tuesday at the TechCrunch conference, citing the idea that investors can make money on worthless or overvalued assets as long as they want to when they want to. To give them more.

Gates mocked NFTs for boring monkeys, joking that “expensive digital photos of monkeys” would “dramatically improve the world”.

Instead, Gates said he favors the legacy investment. “I’m used to asset classes like a farm where they have production, or a company where they make products,” he said.

His comments come at a time when bitcoin and other cryptocurrencies are in decline. Bitcoin reached an all-time high of $69,000 in November 2021. Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, dropping below $23,000 on Tuesday. It has lost about 25 percent of its value since Friday.

Cryptocurrency exchange Coinbase has announced that it is laying off 18% of its employees as the cryptocurrency market continues to crash.

Gates was previously hesitant about cryptocurrency. In an interview with Bloomberg in 2021, he stated that Elon Musk and Tesla’s investment in bitcoin was one and the same, but that doesn’t mean that ordinary investors should follow suit.

“I think people get carried away with these fads, because they might not have a lot of money to spare,” Gates said. “So I am not optimistic about Bitcoin.”

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