Bill Gates Calls NFT's Hot Air
Microsoft founder Bill Gates rarely has a good word for the crypto industry. Once again, the billionaire lashed out at the world of crypto. Especially non-fungible tokens (NFT) had to believe. According to Gates, NFTs and cryptocurrencies are completely worthless and the whole idea of investing in “pictures of monkeys” is based on the greater-fool theory.
Bill Gates is not a fan of monkey pictures
The crypto industry was also discussed during a climate conference where Gates was a guest. According to Gates, this entire industry is basically based on nothing. This is because crypto assets do not produce anything, unlike, say, shares of companies that do.
Bill Gates therefore also pokes fun at the idea that NFTs will supposedly improve the world. He says this is a ridiculous idea. In addition, he states that he is in no way involved with the world of crypto. He has no long positions, but also no short positions. He completely ignores the industry.
The greater-fool theory that Bill Gates cites holds that investors are able to make money in a market where everything is way too expensive. The point is only that there are enough people who want to buy a certain good, in this case cryptocurrencies or NFTs, for an even higher price. In this case, those individuals are referred to as “fool”.
“Crypto produces nothing”
Bill Gates's point of view is quite similar to that of one of the most legendary investors of all time, Warren Buffett. Buffett also regularly criticizes the crypto industry because in his eyes it produces nothing and therefore adds nothing of value to the economy.