Because it is based on the “most foolish theory”

who – which Bill Gates Not a fan of Bitcoin and cryptocurrency, it is well known: on several occasions, the billionaire founder of Microsoft criticized the virtual currency, explaining why as well. Do not invest in cryptocurrency.

But now that the entire crypto industry is suffering, and has experienced a wave of downside, with Bitcoin dropping below $23,000, it’s back on topic. Once again, he has been strict, and he has also introduced NFTs, the non-fungible tokens that are the latest big trend in decentralized finance.

Speaking at TC Sessions: Climate 2022, the billionaire founder of Microsoft said that crypto projects like NFTs 100% based on the big lie theoryThus bringing back the criticisms leveled in the past against cryptocurrencies: his contrasting stance with that of Elon Musk, who is instead a huge supporter of Bitcoin and the like, is famous. On the other hand, Gates warned retail investors, noting the risks of investing in these assets “if you have less money than Musk” and the potential environmental damage.

Bill Gates Against Cryptocurrencies and NFTs

Bill Gates said cryptocurrency and the NFT are 100% based on the Big Lie Theory The most stupid / craziest theory.

The Greater Fool Theory is the idea that you can make money by buying more valuable assets and then selling them at a higher price, because it will always be possible to find someone willing to pay more. This approach is based on the belief that you can get rich by betting on future asset prices and that you will always be able to find a foolish person who will pay a higher price. Eventually the bubbles burst resulting in rapid consumption.

The cryptocurrency crisis began in early 2022, with Bitcoin dropping 56% from its peak last November, Ethereum dropping 63%, and TerraUSD losing 100% of its value. NFTs, the blockchain-based digital COA, champions of the true rise in 2021, have also suffered a decline, including popular NFT groups including Bored Ape Yacht Club (BAYC).

“Obviously, expensive digital photos of monkeys would greatly improve the world.”ironically said Bill Gates at the climate conference held in Berkeley on Wednesday Take Crunchadding that he is not involved in this type of investment at all, and that he is neither long nor short in this asset class.

Last month during a Ask Me Anything session on Reddit Gates, he said that he does not own cryptocurrency because “They like to invest in things that have a valuable output, and instead the value of cryptocurrencies depends on what one person decides that someone else is going to pay for it.”.

It is worth noting that Bill Gates is not wary of digital currencies in general: The billionaire, one of the world’s most famous philanthropists with the Bill & Melinda Gates Foundation, believes “virtual currency can be a good thing especially when it comes to financing the poorest countries and allowing citizens to get money.” in a much easier and more efficient way.”

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