TIL Desk/Business/San Francisco/ Tech billionaire Bill Gates has said that he holds no position in cryptocurrencies or non-fungible tokens (NFTs), as they are “100 per cent based on greater fool theory”. The theory is a financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to. Gates said he rather preferred investing in assets with tangible outputs, like farms or factories, “or a company where they make products”. He was speaking at an event on climate change hosted by TechCrunch.
“I’m not involved in that. I’m not long or short in any of those things,” Gates said on crypto and NFTs. He said he was suspicious of these assets being designed to “avoid taxation or any sort of government rules”. “Obviously, expensive digital images of monkeys are going to improve the world immensely,” said Gates, referring to the flagship NFT project, Bored Ape Yacht Club.
This is not the first time Gates has expressed scepticism about cryptocurrencies. In an interview last year, he worried about the dangers of regular investors buying into Bitcoin, especially when the cryptocurrency’s value was so volatile and could be tanked on the basis of a tweet from a prominent investor, like Elon Musk, the Verge reported.
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