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The American businessman pointed out that NFTs are based on the “Biggest Fool” theory.
The founder of Microsoft said that he was not involved in any investment with cryptocurrencies.
In 2021 Bill Gates had expressed his concerns about the dangers that bitcoin represented.
Non-Fungible Tokens (NFT) have become one of the most popular digital assets in recent years, where this 2022 boom has reached many industries and sectors. Despite being a highly sought after crypto assetone of the most influential men in the world of technology such as Bill Gates, assured that NFTs are based on the theory of the “Biggest Fool”, so he made fun of it.
The market capitalization of non-fungible tokens has shown accelerated growth in recent years almost multiplied ten times its value in two years, according to data from Statista.
Given these data, there are currently many projects that are already being developed in the metaverse, with brands such as Gucci, Coca-Cola, Louis Vuitton, Nikeland, Hyundai Mobility Adventure, Amnesia Ibiza, Sotheby’s, among others.
Bill Gates mocks NFTs
Bill Gates participated in an event to talk about climate change organized by TechCrunch, but he drew attention after declaring himself against NFTs and saying what he thinks about the assets that everyone wants today.
For the founder of Microsoft, NFTs are based on the “Greater Fool” theory, a financial concept that states that “All overvalued assets are capable of making money if there is someone precisely dumber to whom they can be sold.”
At the event, the billionaire indicated that he preferred to make his investments in tangible assets, adding that they were factories, farms that were not related to cryptocurrencies or NFTs.
As part of his statement, the businessman indicated that he was not involved in any investment of this type, for which he added that “he suspected that these types of assets were designed to avoid taxes or government regulations, even making a mockery of Bored Ape Yacht Club. (BAYC)”.
“Obviously expensive digital monkey images will greatly improve the world,” Bill Gates quipped to TechCrunch.
These statements are not the first of Gates against the world of cryptocurrencies, since in 2021 he had expressed his concerns about the dangers that bitcoin represented for people’s investments.
On that occasion, Bill warned that they should not take their life savings to cryptocurrencies, until he pointed out after Elon Musk invited users to buy some crypto.
Let’s remember that those statements from Gates’ past are currently being experienced where bitcoin is around $21,000, after reaching a peak price of $66,000 last year. Added to this is the collapse of the Terra stablecoin, the suspension of operations on the Celsius platform, as well as the drop in prices of NFTs.
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