Bill Gates says NFTs are ‘100 percent based on greater fool theory’

Tech billionaire Bill Gates has dismissed NFTs as “100 percent based on greater fool theory” — the financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to.

Recently in an event by TechCrunch Gates said he preferred investing in assets with tangible outputs, like farms or factories, “or a company where they make products,” and that he held no position in cryptocurrencies or NFTs.

“I’m not involved in that. I’m not long or short in any of those things,” said Gates, suggesting that he was also suspicious of assets designed to “avoid taxation or any sort of government rules.”

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” quipped Gates, referring to the flagship NFT project, Bored Ape Yacht Club.

Back in 2021 also Bill said that “I do think people get bought into these manias who may not have as much money to spare"

“My general thought would be that if you have less money than Elon, you should probably watch out.”

Big NFT projects and crypto currencies have more than halved in value in last few months. So the Bill's last year's warning seems to be spot on!


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