Bill Gates strongly criticized NFTs during a conference. According to him, these digital assets serve absolutely no purpose and are entirely based on the “biggest fool theory”…
Web3 has many supporters, but also detractors. While some see it as the future of the Internet and IT, others see in it only a vast hoax.
As part of an event dedicated to climate change, hosted by TechCrunchBill Gates has violently criticized the NFTs that he considers ” 100% based on the biggest fool theory ».
This theory is a financial concept according to which even assets whose price is overvalued can be profitable investments as long as one finds someone even dumber to sell them to.
For his part, Bill Gates explains that he prefers to invest in assets over tangible productions such as farms, factories, or companies producing goods. Visibly closed to Web3, the creator of Microsoft declares: “ I’m not involved in it “.
Ironically, Bill Gates directly attacked the Bored Ape Yacht Club: the most expensive NFT collection and famous of the market, owned by Yuga Labs.
He points out that ” obviously, very expensive monkey digital images will improve the world immensely “.
The American businessman suggests that he suspects some of these assets to be designed for ” avoid taxes or any other type of government rule “.
—TechCrunch (@TechCrunch) June 14, 2022
Bill Gates predicted the Crypto Crash
Since the beginnings of the cryptocurrency fashion, Bill Gates never hid his skepticism. Already in February 2021, in an interview granted at Bloomberghe was trying to warn ordinary investors of the dangers of Bitcoin.
So that Elon Musk encouraged his millions of followers on Twitter to buy crypto, Bill Gates explained that people less fortunate than the boss of Tesla risked losing everything with this volatile asset: “ I think people caught up in these trends don’t have that much money to spare. My general thought is that if you have less money than Elonyou should probably pay attention he said at the time.
Unfortunately, time has proven him right. These grim predictions dated back to 2021, when the price of Bitcoin soared past $60,000, have just come true.
As of this writing, the value of Bitcoin has fallen to around $20,000. This collapse is notably linked to the catastrophe of the stablecoin Terra in May 2022 and to the failure of the Celsius platformbut also to investors’ fear of future inflation.
In parallel, the price of NFTs also plummets. The value of the most popular projects, like the Bored Ape Yacht Club, halved in a matter of days.
However, in return, trading volume has increased sharply. Many investors are looking to take advantage of this price drop to get their hands on the NFT of their dreams…
And you? Do you agree with Bill Gates on NFTs? Or are you more of those who continue to believe in it and invest even in the middle of a crash? Do you think the crypto market will recover, or will it continue to dip?
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Bill Gates ridicules NFTs and the Bored Ape Yacht Club
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