Crypto and NFTs, come under the “100% bigger fool theory” as Bill Gates stated the co-founder of Microsoft. “Expensive digital photographs of monkeys,” Gates remarked, alluding to Bored Ape NFTs, will “better the world greatly.”
The tech mogul stated that he is “not interested” in cryptocurrency and that he is “neither long nor short any of those things”. Cryptocurrencies and non-fungible tokens do not attract Bill Gates.
At a TechCrunch event on climate change on Tuesday, the millionaire Microsoft co-founder described the phenomena as “100% based on greater fool theory,” referring to the idea that overvalued goods will appreciate in value if enough investors are prepared to pay more for them. In reference to the much-hyped Bored Ape Yacht Club NFT collection, Gates remarked that “expensive digital photographs of monkeys” would “better the world greatly.”
NFTs are non-transferable tokens that can’t be traded for one another. They’re frequently promoted as a means of proving ownership of digital items such as art or sports memorabilia. However, given the energy-intensive nature of cryptocurrencies, some believe they are overhyped and potentially damaging to the environment. There are many NFTs that are based on the network that is supported by Ethereum, the second-largest cryptocurrency in the world. “I’m used to asset classes… like a farm with output, or a corporation that produces stuff,” Gates explained. As for cryptocurrency, Gates stated, “I’m not participating in that.” “I’m neither long nor short in any of those ways.”
Cryptocurrencies fell dramatically this week after a crypto lending company, Celsius, halted all account withdrawals. Fears of an imminent insolvency event for Celsius — and possible knock-on implications for other sectors of the crypto market — have been stoked by the catastrophe. Celsius, on the other hand, claims to be “working around the clock for our community.” After the collapse of UST — a so-called stable coin that was supposed to be worth $1 — and luna, its sister token, the crypto community was already nursing its wounds. Both cryptocurrencies were worth a total of $60 billion at their peak.
On Wednesday, bitcoin was last trading at $21,107, down 7% in the prior 24 hours. Since the beginning of 2022, the world’s largest cryptocurrency has lost more than half of its value.
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