Bill Gates again criticizes the crypto space and says NFTs are based on “the theory of the biggest fool.”
Billionaire Bill Gates says cryptocurrency-based projects, such as non-fungible tokens (NFTs), are a series scams “based on the theory of the greater fool”, thus reiterating its critical position on digital assets, according to Bloomberg.
“Expensive images of monkeys will obviously make the world a lot of fun,” said co-founder Microsoft, who attended a conference on climate change on Tuesday, adding that he would never buy or shorten (sell missing) that class.
Gates has repeatedly criticized the crypto industry. Last year, he argued with Tesla and SpaceX chief Elon Musk about the environmental effects of bitcoin mining and the fact that the currency is too risky for retail investors. During yesterday’s TechCrunch conference, Gates spoke. as the founder of Breakthrough Energy Ventures, an environmental fund created in 2015. The former Microsoft CEO detailed the difficulties involved in recruiting employees in the chemical industry and steel production, sectors that need a level lower greenhouse gas emissions.
Bitcoin crashed 15% and 5.4% yesterday as part of a wave of crypto sales, fueled by US inflation and interest rate estimates, as well as the Celsius platform’s decision to halt withdrawals and virtual currency transfers. Meanwhile, some popular NFT collections, such as the Bored Ape Yacht Club (BAYC), have also been affected.
Gates also defended the digital banking initiatives he supported through the philanthropic foundations of which he is a part, describing them as “hundreds of times more efficient” than cryptocurrencies.
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