'Greater Fool Theory': Bill Gates Blasts Crypto, NFTs

Bill Gates reiterated his negative stance toward non-fungible tokens (NFTs,) saying it’s “100% based on greater fool theory”.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates mocked the cryptocurrency project sarcastically.

“I’m not involved in that, I’m not long or short any of those things,” Gates said at a Tuesday climate conference in Barkley, California.

Gates’ opinion on cryptocurrencies didn’t change since last year when he called out the digital assets industry for environmental harm due to coin mining.

Popular NFT collections took a major hit due to the ongoing downfall of Bitcoin. The most valuable cryptocurrency in the world dropped more than 15% Monday, and then by 5.4% again on Tuesday, after the halt of withdrawals by the lending platform Celsius and US inflation led to another crypto selloff.

The co-founder of Microsoft also praised the digital banking efforts as a better alternative to cryptocurrencies, saying it is “hundreds of times more efficient”.

By Senad Karaahmetovic

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