Is there a day when Bill Gates doesn’t make headlines with an opinion he makes? One day it might be his favorite books, another a lame retort after a scathing Elon Musk tweet, and today the former CEO of Microsoft took aim at cryptocurrencies and NFTs.
He doesn’t like them. Not even a little.
At a TechCrunch conference, he said they are “100% based on greater fool theory” at a TechCrunch conference. Translation; Bill is saying investors can make money on overvalued or even worthless assets provided people are willing to bid them higher.
He wasn’t done. He went straight at Bored Apes NFTs, calling them “expensive digital images of monkeys who will improve the world immensely.”
Bill is old school. He’d rather invest his mega billions in traditional companies with real value. “I’m used to asset classes, like a farm where they have output, or like a company where they make products.”
Gates has never been a fan of crypto, telling Bloomberg back in 2021 that it was okay for his nemesis Musk and Tesla to invest in bitcoin, but ordinary people should refrain if they want to hold on to their money.
Here’s one more quote from Gates from TechCrunch.
“I think people get bought into these manias, who may not have as much money to spare. So I’m not bullish on bitcoin.”