Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory.” He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is “not long or short” crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that “expensive digital images of monkeys” will “improve the world immensely.”
The Microsoft co-founder still chooses to side with old-fashioned investment options. “I’m used to asset classes, like a farm where they have output, or like a company where they make products,” Gates said.
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This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56.
In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects.
(With inputs from agencies)
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