• Wed. Jun 22nd, 2022

Bill Gates denounces cryptocurrencies and NFTs as being based on the “biggest fool” theory

ByHazel R. Lang

Jun 15, 2022

Billionaire Bill Gates dismissed cryptocurrency projects such as non-fungible tokens as shams “based on the biggest fool theory” at a climate conference on Tuesday, reigniting past criticisms of digital assets.

“Obviously expensive digital images of monkeys are going to make the world a whole lot better,” Gates said sarcastically at an event in Berkeley, Calif., hosted by TechCrunch. He said he was neither long nor short on the asset class.

Gates has criticized crypto before, arguing with Elon Musk last year over whether Bitcoin is too risky for retail investors and the environmental damage of mining coins. Speaking on Tuesday as the founder of Breakthrough Energy Ventures, the climate-focused fund he launched in 2015, Gates noted the difficulty of recruiting engineers from Silicon Valley to work in industries like chemicals and technology. steel production who need to reduce greenhouse gas emissions.

Bitcoin plunged more than 15% on Monday and another 5.4% on Tuesday, part of a broader crypto selloff fueled by higher-than-expected US inflation and the lending platform halting withdrawals. Celsius. Popular NFT collections, including the celebrity-favorite Bored Ape Yacht Club (BAYC), are also being hit hard.

Gates also defended the digital banking efforts he supports through his philanthropic foundations, which he described as “hundreds of times more effective” than cryptocurrencies.

Michael Bloomberg, founder and majority owner of Bloomberg LP, is a backer of Breakthrough Energy Ventures.

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