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  • By The Financial District

Crypto, NFT Are A Sham, Bill Gates Declares

Bill Gates is not a supporter of cryptocurrencies and NFTs. Those digital asset trends are "100% based on greater fool theory," the Microsoft co-founder said Tuesday (June 15, 2022, in Manila) at a TechCrunch conference, referring to the idea that investors can profit from worthless or overvalued assets as long as people are willing to bid them higher, according to Jordan Valinsky for CNN Business.

Photo Insert: Gates has expressed reservations about crypto in the past.

Gates also stated that he is "not long or short" on cryptocurrency. And he mocked Bored Apes NFTs, joking that "expensive digital images of monkeys" will "improve the world immensely," preferring traditional investing.

"I'm used to asset classes, like a farm where they have output, or like a company where they make products," he explained.

His remarks come as bitcoin and other cryptocurrencies plummet. In November 2021, Bitcoin reached an all-time high of $69,000. Since then, the most valuable cryptocurrency in the world has lost two-thirds of its value, falling below $23,000 on Tuesday. It has lost approximately 25% of its value since Friday.

Coinbase, a cryptocurrency exchange, announced the layoff of 18 percent of its employees as the digital currency market continues to deteriorate.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Gates has previously expressed reservations about crypto. In a 2021 interview with Bloomberg, Gates stated that while Elon Musk and Tesla have invested in bitcoin, average investors should not follow suit.

"I do think people who don't have as much money to spare get drawn into these manias," Gates said. "As a result, I'm not optimistic about bitcoin."

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