Bill Gates slams NFTs, calls crypto an asset-based on 'greater fool' theory

economictimes.indiatimes.com:

Bill Gates has slammed the digital assets class, outrightly dismissing the projects, including non-fungible tokens (NFTs). The billionaire said such assets are based on the 'greater fool theory' and that is, of course, until there are no greater fools left, he said. “The prices go up because people are able to sell overpriced items to a greater fool. Digital images of monkeys are going to improve the world,” he added in a sarcastic note.

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Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

Gates, while speaking at an event in California, said that he never went long or short on this asset class. He mentioned that he is used to asset classes which create or are about to create a meaningful product. However, it is not the first time that Bill Gates has criticized the crypto market. Last year, he was at loggerheads with Elon Musk, when he called Bitcoin too risky for retail investors and pointed out the environmental harm of mining the coins. The crypto market has been on the radar of global investment gurus after the bloodbath in the digital asset market deepened, thanks to rising inflation worries, geopolitical risk, the Terra debacle and recession fears. The crypto market has erased notional wealth worth $2 trillion in eight months, as the total market capitalization of all the crypto assets slipped below $1 trillion from $3 trillion in November 2021. Microsoft's founder Bill Gates is not the lone veteran critic of crypto assets. Legendary investors Warren Buffett and Charlie Munger have also rejected cryptos as an asset class. Investment guru Jim Rogers is also in their league.