Bill Gates is not a fan ofcryptocurrencies.
In the past, the billionaire Microsoft founder has argued with rivals over the viability of the currency and called out mining operations for their environmental impact. In the wake of the sudden crash of the digital currency, Gates has once again lashed out at it.
The billionaire said at the climate conference that virtual coins and their friends are 100 percent based on the Greater Fool Theory. Under the assumption that there will always be a "Greater fool" to purchase that asset for even more money than initially paid, that's an economic idea that refers to the buying and selling of over-hyped assets.
He said that expensive digital images of monkeys would improve the world immensely. It was very bad.
Gates has put a lot of money into supporting digital banks. He described them as "hundreds of times more efficient" than digital currency at the same conference.
Several companies in the industry have stopped withdrawals and fired thousands of workers due to the rising popularity of cryptocurrencies. The value of NFTs has been hit.
The investors with less wealth are already feeling the impact of the decline in the value of the coin.
According to Gates, people get bought into manias that may not have as much money to spare. If you have less money than Musk, you should keep an eye out.
Bill Gates said that NFTs are 100% based on greater fool theory.
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