Bill Gates Re-States “Neither Long nor Short on Crypto” & NFTs Based on ‘Greater Fool Theory’

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Bill Gates on NFTs "sham"

Bill Gates attending a climate conference in Berkeley, California was quick to dismiss crypto projects such as nonfungible tokens as scams as they are “based on the greater-fool theory”. Gates has a history of a negative sentiment to the entire cryptocurrency market and re-stated he is “neither long nor short on cryptocurrency”. Regarding NFTs – “Obviously, expensive digital images of monkeys are going to improve the world immensely” Gates said sarcastically. The digital monkeys he’s referring to are the “Bored Ape Yacht club” NFTs which many celebrities, including Emimem, have purchased.

Gates has criticized crypto before, sparring with Elon Musk last year over whether Bitcoin is too risky for retail investors and the environmental harm of mining coins. Speaking Tuesday as the founder of Breakthrough Energy Ventures, the climate-focused fund he began in 2015, Gates noted the difficulty of recruiting Silicon Valley engineers to work in industries like chemicals and steel production in need of lower greenhouse gas emissions.

Bitcoin plunged more than 15% Monday and another 5.4% Tuesday, part of a broader crypto selloff fueled by higher than forecast US inflation and the halt of withdrawals by the lending platform Celsius. Popular NFT collections, including the celebrity-favored Bored Ape Yacht Club (BAYC), are also being hit hard.

Gates also defended digital banking efforts he’s supported through his philanthropic foundations, which he described as “hundreds of times more efficient” than cryptocurrencies.

Michael Bloomberg, founder and majority owner of Bloomberg LP, is a backer of Breakthrough Energy Ventures.

©2022 Bloomberg L.P.

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