Bill Gates is not a fan of cryptocurrencies or NFTs. Speaking to TechCrunch on climate change on Tuesday, the billionaire Microsoft co-founder described the phenomenon as “100% based on the theory of the biggest fool”, referring to the idea that these overpriced assets would go up in price when they exist. several investors willing to pay more for them.
According to CNBC, Gates joked that “accurate digital monkey images” would “make the world a lot better,” referring to the popular Bored Ape Yacht Club NFT collection.
NFTs are digital certificates of ownership and authenticity that cannot be exchanged. They are often advertised as a way of proving ownership of digital assets, such as art or collectible sports items. But critics say they are overpriced and potentially harmful to the environment, given the energy-intensive nature of cryptocurrencies. Many NFTs rely on the network behind Ethereum, the second largest token.
“I’m used to asset classes like a farm that produces products, or like a company that produces products,” Gates said.
As for cryptocurrencies, “I do not deal with them,” Gates added. “I’m not long or short on any of these things.”
Cryptocurrencies fell sharply this week after Celsius, a cryptocurrency lending company, froze withdrawals.
Bitcoin was last traded at $ 21,677. The largest cryptocurrency in the world has written off more than half of its value since the beginning of 2022.
Source: Capital
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