Bill Gates: Crypto Is 100% Based on Greater Fool Theory — ‘I’m Not Involved in That’

Microsoft co-founder Bill Gates says crypto is an plus people that is 100% based connected the Greater Fool Theory. The billionaire besides mocked Bored Ape NFTs, stating: “Obviously, costly integer images of monkeys are going to amended the satellite immensely.”

Bill Gates connected Crypto and NFTs

Microsoft co-founder Bill Gates talked astir cryptocurrency and non-fungible tokens (NFTs) astatine this year’s Techcrunch Sessions: Climate 2022 lawsuit Tuesday.

Referring to the Bored Ape Yacht Club NFTs, Gates sarcastically said: “Obviously, costly integer images of monkeys are going to amended the satellite immensely. That’s truthful incredible.”

He clarified, “I’m utilized to plus classes similar a workplace wherever they person output oregon a institution wherever they marque products,” describing crypto as:

An plus people that’s 100% based connected immoderate benignant of Greater Fool Theory that somebody’s going to wage much for it than I do.

The Greater Fool Theory suggests that determination volition ever beryllium a greater fool successful the marketplace acceptable to wage a terms based connected a higher valuation for an already overvalued investment. However, eventually, erstwhile there’s nary 1 near consenting to wage a higher price, plus prices tin diminution sharply, leaving investors holding worthless investments.

Gates stressed that helium is not getting progressive successful immoderate plus that “at its bosom has benignant of this anonymity that you debar taxation oregon immoderate benignant of authorities rules astir kidnapping fees oregon things.” He emphasized:

I’m not progressive successful that. I’m not agelong oregon abbreviated successful immoderate of those things.

The billionaire besides claimed that the integer banking efforts helium supports done his philanthropic foundations are “hundreds of times much efficient” than cryptocurrencies.

The Microsoft co-founder has agelong been a professional of cryptocurrency and bitcoin. In May, helium said during a Reddit AMA that helium does not ain immoderate cryptocurrency. “I similar investing successful things that person invaluable output,” the billionaire explained. “The worth of crypto is conscionable what immoderate different idiosyncratic decides idiosyncratic other volition wage for it, truthful not adding to nine similar different investments.”

What bash you deliberation astir the comments by Bill Gates? Let america cognize successful the comments conception below.