Bill Gates blasts cryptocurrencies and NFTs

In a rather complicated year for cryptocurrencies, there have been several voices speaking out against these digital assets

Recently, Microsoft creator Bill Gates spoke about cryptocurrencies, from a critical point of view.

At a conference in Berkeley, California, the tycoon claimed that the cryptocurrency market and NFTs (digital tokens) are “100%” based on the greater fool theory.

What does this theory say?

The BBC indicates that, according to this theory, it is possible for investors to make a profit by buying too expensively and then selling it to another investor.

A cycle that works without anyone stopping to think about what the real value of the asset is and many investors fall into this trap – experts say – probably without knowing it.

Companies that create real products

The owner of Mircosoft said that he prefers to invest in companies that create real products. And not in a service whose “anonymity is used to evade taxes”, he pointed out in reference to the most famous cryptocurrency.

He also commented that people were buying cryptocurrencies and NFTs regardless of their price and convinced that they could sell more expensive because “someone is willing to pay more for it than me”.

Gates indicated that he had never invested in that market.

Mocking the value of NFTs

The billionaire also ironized about the value of NFTs, or non-fungible tokens, which, after becoming extremely popular last year, their demand seems to have stagnated recently.

“Obviously, expensive digital images of monkeys are going to make the world a whole lot better. It’s unbelievable,” he said sarcastically in reference to the Bored Ape Yacht Club’s digital art collection, a limited production of 10,000 unique pieces of a monkey image with minor variations that went on to sell for thousands of dollars.

Investors skeptical about cryptocurrencies

In addition to Gates, other wealthy investors and executives, such as Warren Buffett and Jamie Dimon, have also expressed their disbelief about these digital assets.

Buffett once went so far as to call bitcoin “rat poison squared.”