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Bill Gates: Crypto Is 100 Percent Based on Greater Fool Theory –
Microsoft co-founder Bill Gates says crypto is an asset class that is 100% based on the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.”
Bill Gates on Crypto and NFTs
Microsoft co-founder Bill Gates talked about cryptocurrency and non-fungible tokens (NFTs) at this year’s Techcrunch Sessions: Climate 2022 event Tuesday.
Referring to the Bored Ape Yacht Club (NFTs), Gates joked that: “Obviously, costly digital images of monkeys will improve the world tremendously.” It’s amazing .”
He explained, “I’m used asset classes like a farmer where they have output or company where they produce products,” and referred to crypto as
An asset class that’s 100% based on some sort of Greater Fool Theory that somebody’s going to pay more for it than I do.
The Greater Fool Theory states that there will always exist a greater fool on the market willing to pay a higher price for an investment already valued at a high valuation. Asset prices can plummet sharply if there is no one willing to pay a higher valuation, and investors may end up with worthless investments.
Gates stated that he will not be involved in assets that have “at their heart sort of this anonymity, that you avoid taxation and any government rules regarding kidnapping fees or other things.”
I’m not involved in that. I don’t know if I’m too long or short for any of these things.
The billionaire claimed that digital banking efforts he funds through his foundations are “hundreds and times more efficient than cryptocurrencies.”
The Microsoft co-founder has been a long-standing critic of bitcoin and cryptocurrency. During a Reddit AMA, he stated that he doesn’t own any cryptocurrency. “I like investing in things that have valuable output,” the billionaire explained. “The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”
What do you think about the comments by Bill Gates? Comment below to let us know your thoughts about Bill Gates’ comments.
Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.
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Florida Teens Charged in $4M Las Vegas Crypto Kidnapping
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Nike is facing a lawsuit from people who bought its NFTs
Wes Davis is a weekend editor who covers the latest in tech and entertainment. He has written news, reviews, and more as a tech journalist since 2020.
A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.
Filed in New York’s Eastern District, the proposed class action lawsuit seeks “unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws.”
Nike tried to jump into the NFT game by buying RTFKT in 2021. But, like Starbucks Odyssey, it never quite worked out and the company abandoned the idea, announcing in December via the RTFKT X account that it planned to “wind down RTFKT operations” by the end of January this year.
Since then, RTFKT has seemingly been maintained by a single person named Samuel Cardillo, who spent Thursday posting through the sudden disappearance (and later reappearance) of artwork for its CloneX NFTs project.
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