Bill Gates Says Crypto and NFTs Are a Sham, '100% Based on Greater Fool Theory'

Don't count Bill Gates among the fans of cryptocurrencies and NFTs. From a report: Those digital asset trends are "100% based on greater fool theory," the Microsoft co-founder said Tuesday at a TechCrunch conference, referencing the notion that investors can make money on worthless or overvalued assets as long as people are willing to bid them higher. Gates added that he's "not long or short" crypto. And he mocked Bored Apes NFTs, joking that "expensive digital images of monkeys" will "improve the world immensely." Instead, Gates said he prefers old fashioned investing. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," he said.

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