A billionaire Bill Gates at a climate conference criticized cryptocurrency projects, such as NFT, calling them a fiction, “based on the theory of a greater fool.” This is written by Bloomberg.
“It is obvious that expensive digital images of monkeys will significantly improve the world,” the founder of Microsoft said sarcastically at an event in California organized by TechCrunch.
The billionaire said that NFT is neither a long nor a short class of assets.
“I am used to the classes of assets, where, for example, the farm produces products or the company produces products. To have a class of assets, which is 100% based on the “theory of a greater fool”, for which someone will pay more than me, ”he added.
“The theory of a greater fool” claims that prices are rising because people can sell securities to a “greater fool”, regardless of whether they are reassessed or not.
Gates statement occurred after cryptocurrencies entered the deepest phase of the bear cycle. The fundamental indicators of bitcoin worsen, and long -term holders are now suffering large losses, according to Glassnode strategists, data supplier and blockchain analysts.
The leading world digital asset, Bitcoin, fell by 5.2% to $ 20 833 on Wednesday in the morning at the opening of trading in London.
According to estimates, on Monday, the total market value of the cryptocurrency market decreased by about 12%. Since its peak in November 2021, this sector has lost more than $ 2 trillion.
Last year, Gates condemned cryptocurrencies, saying that Bitcoin is too risky for retail investors, and emphasized that mining coins harms the environment.