Bill Gates has recently come under fire for calling crypto and NFTs a “fool” investment. Speaking at the TechCrunch Sessions: Climate 2022 conference, he said that blue-chip NFT projects, such as Bored Ape Yacht Club NFTs, are not going “to improve the world immensely.”
Why is Bill Gates denouncing crypto and NFTs?
According to Bill Gates, non-fungible tokens and crypto are based on the greater fool theory. In finance, the greater fool theory is based on the assumption that someone can make money by buying overvalued assets and then selling them to an even “greater fool” to make a profit. The billionaire cemented his feeling by saying that the rapid and volatile rise and fall of these assets depend on whether one investor is willing to pay more than the other.
In a Reddit question-and-answer session, Bill Gates commented: “The value of crypto is just what some other person decides…
