Crypto

Bill Gates says that cryptocurrencies and NFTs are fake and worthless assets

Speaking at TechCrunch Sessions: 2022, Microsoft founder Bill Gates criticized cryptocurrencies, saying he was “neither long nor short” on them. Gates also took the opportunity to poke fun at some non-fungible tokens at the event.

Gates’ comments come at a time when the cryptocurrency market is down to a third of its peak value that it had reached in late November of last year. Cryptocurrency trading firms that were splurging millions of dollars on advertising earlier this year have now announced up to 20 percent staff layoffs over fears of a ‘crypto winter’ ahead.

Bill Gates opposes cryptocurrencies, again

This is not the first time Gates has vehemently rejected cryptocurrencies. Last year in an interview with BloombergGates also said that while people like Elon Musk and his company Tesla can invest in Bitcoin, an average investor should not follow suit and invest as well.

He also warned that people who don’t have a lot of money to spend also buy these crazes, CNN informed. Gates said that these digital assets were “100% based on the older fool theory,” where investors make money on worthless or overvalued assets as long as people are willing to bid more for them.

Gates also criticized non-fungible tokens (NFTs) that were all the rage last year. A long list of celebrities from the world of sports, entertainment and beyond paid top dollar to acquire a digital image from a Bored Ape collection. Gates’ comments were full of sarcasm as he said: “expensive digital images of monkeys [will] improve the world immensely.

Where does Bill Gates invest his money?

Gates also revealed that he was more of an old-fashioned investor, preferring to put his investments in asset classes like a farm that has production or a company that makes products.

Last month, we reported that while the world’s richest billionaires have lost a combined $115 billion, Gates’ losses of $15 billion were comparatively lower. After leaving a day role at Microsoft, Gates has largely diversified his investment through Warren Buffett’s Berkshire Hathaway holdings.

Incidentally, in early May, Buffett expressed his disapproval of cryptocurrencies when he told investors at his company’s annual general meeting that he would not pay $25 for all the world’s Bitcoin.

The recent high volatility of cryptocurrencies has once again raised questions about cryptocurrencies as an investment avenue. While banks like JP Morgan are backing Bitcoin to rally once again, another interest hike recently announced by the US Federal Reserve could depress Bitcoin values ​​through 2017, investors have warned, CoinDesk informed.

However, the loss of cryptocurrencies could be a gain for the environment.

Cryptocurrency transactions have a huge environmental impact, and if a down cryptocurrency market drives people towards climate change technology, then that should be a welcome change, right?

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