Bill Gates says crypto and NFTs are based on ‘greater fool theory’


Bill Gates

Gerard Miller | CNBC

Bill Gates is not a fan of cryptocurrencies or non-fungible tokens.

Speaking at a TechCrunch talk on climate change Tuesday, the billionaire Microsoft co-founder described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.

Gates joked that “expensive digital images of monkeys” would “improve the world immensely,” referring to the much-hyped Bored Ape Yacht Club NFT collection.

NFTs are tokens that can’t be exchanged for one another. They’re often touted as a way to prove ownership of digital assets like art or…


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