Bill Gates dismisses cryptocurrencies and NFTs as shams based on ‘greater-fool’ theory – The National

Bill Gates dismisses cryptocurrencies and NFTs as shams based on ‘greater-fool’ theory – The National

Billionaire Microsoft co-founder Bill Gates dismissed cryptocurrency projects such as non-fungible tokens (NFTs) as shams “based on the greater-fool theory” at a climate conference on Tuesday, reviving past criticism of digital assets.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Mr Gates said sarcastically while speaking at the event in Berkeley, California. He is neither long nor short on the asset class, he said.

It is not the first time Mr Gates, who is also the co-chairman of the Bill & Melinda Gates Foundation, has criticised cryptocurrencies.