The co-founder of Microsoft Corporation against the backdrop of the falling cryptocurrency market and the sector of collection tokens affected by this sector criticized the NFT.
Bill Gates in an interview at the TechCrunch conference in California declaredthat cryptocurrency projects such as non-fungible tokens are a scam “based on the greater fool theory”.
“Obviously, expensive digital images of monkeys will significantly improve the world,” the billionaire and creator of the climate fund Breakthrough Energy Ventures said with a touch of sarcasm.
There was a reference to popular NFT collections, including the famous Bored Ape Yacht Club (BAYC), which lost significantly in price when bitcoin fell by almost 20% in two days this week. In doing so, Gates defended the digital banking efforts he previously supported through his philanthropic foundations. The businessman stated that they are “hundreds of times more efficient” than cryptocurrencies.
Last year, Bill Gates, in a dispute with Elon Musk, already criticized the crypto industry. Co-author Wimdows called bitcoin too risky for retail investors and said that proof-of-work (PoW) mining is harmful to the environment.
A similar opinion is shared by the Hong Kong Securities Regulatory Commission (HKSRC). The regulator believes that non-fungible tokens, located on the border of art and securities, carry great risks for investors.
Source: Bits
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