Bill Gates blows up cryptocurrencies and NFTs

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Heyna quite a difficult year for cryptocurrenciesthere have been several voices opposed to these digital assets.

Recently created by Microsoft Bill Gates spoke about cryptocurrencies from a critical point of view.

At a conference in Berkeley, California, the mogul claimed that the cryptocurrency and NFT (digital token) market is “100%” based on the greater fool theory.

What does this theory say?

The BBC points out that according to this theory, investors can make a profit by buying too high and then selling it to another investor.

A cycle that works non-stop to think about what the real value of an asset is, and many investors fall into this trap, experts say. probably not knowing it.

Companies that create real products

Mircosoft’s owner said he prefers to invest in companies that make real products. Not in a service whose “anonymity is used to evade taxes,” he pointed out in reference to the most famous cryptocurrency.

He also noted that people buy cryptocurrencies and NFTs regardless of their price, and is convinced that they can sell more because “someone is willing to pay more for it than me.”

Gates indicated that he never invested in this market.

A mockery of the value of NFTs

The billionaire also sneered at the value of NFTs, or non-fungible tokens, which seem to have stalled in recent years after becoming hugely popular last year.

“Obviously, expensive digital images of monkeys will make the world a much better place. It’s unbelievable,” he said sarcastically, referring to the Bored Ape Yacht Club’s digital art collection, a limited edition of 10,000 unique ape images with minor variations that went on to sell for thousands of dollars.

Investors are skeptical about cryptocurrencies

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

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

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