Today, we are going to be covering Bill Gates NFT views, as he claims NFTs are 100 percent based on greater fool theory, which is why he doesn’t own any.
NFTs are based on the greater fool theory
Bill Gates, a computer scientist, and an entrepreneur have dismissed NFTs as “100 percent based on greater fool theory,” which is the financial idea that overpriced assets can make money as long as you find a bigger idiot to sell them to.
— TechCrunch (@TechCrunch) June 14, 2022
Bill Gates NFT views
At an event on climate change hosted by TechCrunch, Bill Gates said he preferred investing in assets with real outputs, such as farms or factories, “or a company where they make products,” and that he did not own cryptocurrencies or NFTs.
“I’m not involved in that. I’m not long or short in any of those things,” said Gates, suggesting that he was also suspicious of assets designed to “avoid taxation or any sort of government rules.”
Gates also made a witty remark referring to the flagship NFT project, Bored Ape Yacht Club:
“Obviously, expensive digital images of monkeys are going to improve the world immensely,”
Bill Gates on crypto
In an interview in February 2021, Gates expressed his concerns about cryptocurrencies. When the value of Bitcoin was so unpredictable and could be derailed by a tweet from a well-known investor, such as Elon Musk, he was concerned in February 2021.
“I do think people get bought into these manias who may not have as much money to spare,” said Gates in 2021. “My general thought would be that if you have less money than Elon, you should probably watch out.”
The predictions of Bill Gates were dead-on accurate. When he made his comments in 2021, Bitcoin was going up in value and would reach a height of $63,000 in April 2021. It would subsequently plummet before rising once more to a record high of over $64,000 last November. Since then, Bitcoin’s price has plummeted once again, and it is currently valued at about $20,000. This acute fall is part of a larger sequence of tremors rocking the crypto space following the failure of “stablecoin” Terra in May and the ongoing failure of the Celsius crypto lending platform.
Similarly, the price of NFTs has plummeted significantly. The aforementioned Bored Ape Yacht Club is one of the most well-known initiatives, and it has decreased in value by more than half. At the same time, trading volume has risen as buyers rush to acquire digital assets at a bargain. They could be believers in Gates’ larger-fool thesis, that there are more fools out there if they can only find them.
We hope that you enjoyed this article on Bill Gates NFT views. If you did, you might also like to check out Dogecoin founder claims 95% of cryptos are fraudulent, or Elon Musk Twitter deal might not go through.