Bill Gates Denounces Cryptocurrencies and NFTs as "100% Based on Greater Fool Theory"
Resurfaced Interview Shows Tech Icon's Skepticism
Gates: "Cryptocurrencies and NFTs Have No Underlying Value"
In a resurfaced interview from February 2021, Microsoft co-founder Bill Gates expressed his strong disapproval of cryptocurrencies and NFTs, stating that they are "100% based on greater fool theory." The interview, which was recently unearthed on YouTube, shows Gates telling Bloomberg that he does not own any cryptocurrencies and has no plans to acquire them in the future.
"I think it's a pure 'greater fool theory' type of investment," Gates said at the time. "If you have Bitcoin, and you don't sell it, the only way you make money is if someone else comes along and pays more money for it." Gates went on to say that he believes that cryptocurrencies and NFTs have "no underlying value," unlike physical assets like land or buildings.
Gates' comments have sparked a debate among cryptocurrency enthusiasts, some of whom have accused him of being out of touch with the latest technological advancements. However, others have agreed with Gates' assessment, arguing that cryptocurrencies and NFTs are nothing more than a speculative bubble waiting to burst.
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