Billionaire entrepreneur Bill Gates recently, at a TechCrunch session: Climate 2022, poked fun at the famous NFT collection BAYC (Bored Ape Yacht Club). When asked about his opinion about crypto and NFTs, the billionaire’s reply was pretty pessimistic. In regard to the NFTs, he commented on how expensive these collectibles are. While elucidating about the type of assets he prefers, Gates mockingly said cryptos are not included in his preferred list of assets.
As per his opinion, it’s a waste of capital to invest in funny apes; he attacked the bored ape collectible. The philanthropist was in a fun mood when he made the remark that certainly these costly monkey images will improve the world. He even ironically calls it “incredible”. The Bored Ape Yach Club is one of the most popular NFTs that earned huge profits soon after its launch.
The billionaire opines he’s more interested in investing capital in assets like a company or a farm than in crypto. Well, Gates finds digital banking technology opportunistic and calls it more productive compared to digital currencies. He thinks that cryptocurrencies or digital art do not contribute any value to society; hence it’s useless.
On further talking of crypto, he goes to the extent of saying that it’s based on “100% fool theory”. A fool theory means when people ignore the price and other relevant information about an asset only to sell a product to a fool who’s, in turn, willing to pay higher than its owner spent.
A few months back, bill Gates revealed he doesn’t own any cryptocurrency. He firmly believes in investing in assets that offer a valuable output. This is not the first time the billionaire negatively commented about crypto; earlier, he criticized cryptocurrency for lacking real value.
Apart from Gates, some other entrepreneurs and celebs spoke negatively about crypto. CEO Warren Buffet once said that if someone offered him bitcoin, even at $25, he wouldn’t accept it. Like Gates, Buffet also felt that cryptocurrency has no value to offer.