Bill Gates says crypto and NFTs are a sham

• Bill Gates is not a fan of cryptocurrencies and non-trustful financial institutions (NFTs).
• His remarks come as the value of bitcoin and other cryptocurrencies is plummeting.
• NFTs are based on “bigger fool theory,” according to Gates.

Bill Gates is not one of the proponents of cryptocurrencies and NFTs.

The Microsoft co-founder stated at a TechCrunch conference on Tuesday that those digital asset trends are “100% based on bigger fool theory,” referring to the idea that investors can profit from worthless or overpriced assets as long as others are ready to bid them higher.

Gates noted that he is neither “long nor short” of cryptocurrency. Additionally, he made fun of Bored Apes NFTs by making the joke that “expensive digital photos of monkeys” will “immensibly enhance the world.”

Gates stated that he favours traditional investing instead.

I’m used to asset classes like farms with output or businesses that produce goods, the man remarked.

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His remarks come as the value of bitcoin and other cryptocurrencies is plummeting. In November 2021, Bitcoin reached an all-time high of $69,000.

The most expensive cryptocurrency in the world has since lost two-thirds of its value, falling as low as $23,000 on Tuesday. Since Friday, it has lost nearly 25% of its value.

As the market for digital currencies continues to deteriorate, cryptocurrency exchange Coinbase announced that it will lay off 18% of its workforce.

In the past, Gates had doubts about crypto. According to Gates in a 2021 interview with Bloomberg, it was one thing for Tesla and Elon Musk to invest in bitcoin, but that doesn’t mean other investors should do the same.

Gates stated, “I do think folks who may not have as much money to spare are caught into these manias. So I’m not optimistic about bitcoin.

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