Bill Gates says NFTs are based on the ‘biggest fool theory’

Tech billionaire Bill Gates said that NFTs, virtual objects that can be bought for gold, were “100% based on the biggest fool theory”, a principle according to which even the most overvalued assets can make money, as long as you find a “dumb” to sell them to. The philanthropist was speaking at a climate change event hosted by TechCrunch on June 14.

He took the opportunity to clarify his position on cryptocurrencies and NFTs, this form of digital art protected by the blockchain: “I have nothing to do with that”, he first asserted, before d add, ironically: “Of course, digital ape images will greatly improve the state of the world”, in reference to NFT’s flagship project, Bored Ape Yacht Club, whose value has been halved.

The volatility of cryptocurrencies, a danger according to Gates

This is not the first time that the founder of Microsoft has expressed his skepticism towards NFTs and cryptocurrencies. In February 2021, Bill Gates was concerned about the dangers of “ordinary investors” buying bitcoin, especially given the volatility of cryptocurrencies that may crash in price based on an investor tweet. prominent, like Elon Musk”. Bitcoin, which reached $63,000 in April 2021, fell before returning to $64,000 last November. Today, it is close to $20,000, in the context of an almost general collapse in the value of the most popular collections of NFTs and cryptocurrencies, like the “stablecoin” Terra.

The richest man on the planet, very followed on his financial analyzes, explained this time that he preferred to invest in assets with tangible results, such as farms or factories, companies that manufacture products. He also added that he was not involved in cryptocurrencies or NFTs, suggesting that he was also wary of assets designed to “avoid taxation or any kind of government rules”, reports The Verge on June 15. Yet, despite the gloomy backdrop, trading volume has increased as investors seek to buy digital assets cheaply.

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