Microsoft co-founder, Bill Gates has recently shared his views on cryptocurrency and the much-hyped NFTs.
The billionaire in his recent comment about digital assets has stated that it is 100% based on the greater fool theory. This is however not the first time the billionaire had to talk about cryptocurrency. This time, he made his opinion clearly stated.
Speaking at a TechCrunch talk on Climate change on Tuesday 15th of June 2022, Bill Gate shared his views on overvalued assets using the Greater Fool Theory.
What is the Greater Fool Theory?
The Greater Fool Theory suggests that one can sometimes make money through the purchase of overvalued assets.
In this context, one ”fool” might pay for an overpriced asset, hoping that he can sell it to an even ”greater fool” and make a profit.
What is Bill Gates Saying?
Bill Gates has come out to say that he’s not a fan of cryptocurrency and NFTs.
In his words, ‘‘I’m used to asset classes…like a farm where they have output, or like a company where they make products” he said.
As for crypto, he said ”I’m not involved in that. I’m not long or short any of these things” Gates added.
Speaking about NFTs, Gates joked that ‘‘expensive digital images of monkeys would improve the world immensely”. Here, he was referring to the much-hyped Bored Ape Yacht Club NFT collection.
The Bottom Line
Bill Gates has given his verdict on cryptocurrency and NFTs. It is a contrasting view to that of Tesla CEO & fellow billionaire, Elon Musk. The later is a staunch supporter of a crypto and NFTs.
Cryptocurrency is tumbling at the moment after the collapse of Terra’s UST. Bitcoin was trading at $21, 17 on Wednesday, June 15th.
The world’s biggest cryptocurrency has erased over half of its value since the start of 2022. Who knows if price will going higher again as it has been in the past?