Digital asset trends are ‘100% based on more silly theory’, billionaire says
Microsoft co-founder Bill Gates said he was not a fan of cryptocurrencies and NFTs.
The digital asset trend was “100% based on a dumber theory,” CNN reports, the billionaire said at a TechCrunch conference.
Gates hinted that investors could only make money on assets as long as others were willing to bid higher on essentially worthless items, adding that he was not “long or short” on the crypto.
Gates also poked fun at the famous NFT company Bored Ape, sarcastically saying that “expensive digital images of apes” would “improve the world immensely”.
Instead, he launched investments the old-fashioned way.
“I’m used to asset classes, like a farm where they have production, or like a business where they make products,” he said.
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The billionaire’s comments come as several cryptocurrencies plummet. Bitcoin, the world’s most valuable cryptocurrency, lost two-thirds of its value after hitting an all-time high of $69,000 in November 2021.
Gates had previously expressed his distrust of cryptocurrency, saying in a 2021 Bloomberg interview that regular investors shouldn’t follow the lead of Elon Musk and Tesla.
“I think people are bought into these fads, who maybe don’t have that much money to spend,” Gates said. “So I’m not bullish on bitcoin.”