Bill Gates castigates cryptocurrencies and NFTs

Iquite a complicated year for cryptocurrenciesseveral voices have been raised against these digital assets

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

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

What does this theory say?

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

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

Companies that create real products

The Mircosoft owner said 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 of crypto-currencies.

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

Gates said he had never invested in this market.

Mocking the value of NFTs

The billionaire also quipped about the value of NFTs, or non-fungible tokens, which, after becoming hugely popular last year, demand for them seems to have stagnated recently.

“Obviously the expensive digital images of monkeys are going to make the world a whole lot a better place. It’s amazing,” he said sarcastically in reference to the Bored Ape Yacht Club’s digital art collection, a limited production run by 10,000 unique pieces of a monkey image with minor variations that have sold 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 at these digital assets.

Buffett once went so far as to call bitcoin “the rat’s death squared.”

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