Bill Gates: Cryptocurrencies and NFTs are Based on Greater Fool Theory
"Obviously, expensive digital images of monkeys are going to improve the world immensely,"
Bill Gates Criticized Cryptocurrency
Gates has previously criticized cryptocurrency, bashing with Elon Musk last year about whether Bitcoin is too risky for regular investors and whether mining coins is harmful to the environment.
Higher-than-expected US inflation and the suspension of withdrawals by the lending platform Celsius fueled a larger crypto selloff this week. Popular NFT collections are also being hit hard, including the celebrity-favored Bored Ape Yacht Club (BAYC). The global cryptocurrency market peaked in November 2021 at $2.9 trillion, but it has struggled this year. In the previous two months, it has lost $1 trillion in value as investors fled riskier assets in the face of rising prices and fears that central bank interest rate hikes could stifle growth.
Gates Defends Digital Banking Initiatives
Gates also defended digital banking initiatives he has backed through his philanthropic institutions, calling them "hundreds of times more efficient" than cryptocurrencies. Last month, during a Reddit “Ask Me Anything” session, the Microsoft co-founder admitted that he had not invested some of his riches in cryptocurrency. Gates went on to say that he prefers to invest in things with "useful output," claiming that digital assets aren't his cup of tea.