Don’t count Bill Gates among cryptocurrency and NFT fans.
These digital asset trends are “100% based on the theory of the biggest sucker,” the Microsoft co-founder said last Tuesday at a TechCrunch conference, referring to the notion that investors can make money from assets without value or overvalued, as long as people are willing to bid higher.
Gates added that it is not a “long or short” cryptocurrency, a way of referring to simultaneous operations, in which an investor holds a short position in one asset and a long position in another.
And he mocked Bored Apes’ NFTs, joking that “expensive digital images of monkeys” will “immensely improve the world.”
Instead, Gates said he prefers to invest the old-fashioned way.
“I’m used to asset classes, like a farm where they have production, or like a company where they make products,” he said.
His comments come when bitcoin and other cryptocurrencies are plummeting. Bitcoin hit an all-time high of $69,000 in November 2021.
Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, dropping below $23,000 on Tuesday. Since Friday, it has lost about 25% of its value.
Cryptocurrency exchange Coinbase has announced that it is laying off 18% of its employees as the digital currency market continues to crumble.
Gates once doubted cryptocurrency. In a 2021 interview with Bloomberg, Gates said it was one thing for Elon Musk and Tesla to invest in bitcoin, but that doesn’t mean average investors should follow suit.
“I think people are bought by these fads, that they may not have as much money to spare,” Gates said.
“So I am not bullish on bitcoin.”
Source: CNN Brasil

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