Bill Gates doesn't like Cryptocurrencies.
The concept of overvalued assets going up in price when there are enough investors willing to pay more for them is based on greater fool theory according to the billionaire Microsoft co- founder.
Gates said that expensive digital images of monkeys would improve the world.
NFTs can't be exchanged for each other. They are often used as a way to show ownership of digital assets. Cryptocurrencies are seen as overhyped and potentially harmful to the environment. There are many NFTs built on the network.
Gates said that he is used to asset classes like a farm or a company that makes products.
Gates said that he was not involved in the field ofcryptocurrencies. I am not short on any of those things.
Cryptocurrencies plummeted this week after Celsius stopped all account withdrawals. Concerns about a looming insolvency event for Celsius and possible knock-on effects for other parts of the market have been caused by the debacle. Celsius says it works around the clock for the community.
The collapse of UST, a so-called stable coin that was supposed to be worth $1, and luna, its sister token, was already causing a lot of damage. Both Cryptocurrencies were worth $60 billion at their peak.
The price of the virtual currency was $21,107 Wednesday, down 7% from the previous day. Since the beginning of the year, the world's biggestcryptocurrencies has lost half of its value.
You should know what to look for in a coin.
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