Bill Gates reveals cryptocurrency and NFTs are based on “Greater Fool Theory” .

Bill Gates reveals cryptocurrency and NFTs [ Non Fungible Token ] are based on the “Greater Fool Theory” .

According to the Microsoft co-founder he’s not a fan of digital currencies or investments and that cryptocurrencies and NFTs are “100% Sham.

NFTs are tokens that can’t be interchanged with another. They’re effectively talked about as a way to prove ownership of digital assets like art or sports collectibles.  Many NFTs are reportedly built on the network behind ethereum, the second-biggest token in existence.

Bill Gates

Bill as a Guest speaker at the TechCrunch talk on climate change on Wednesday, described the phenomenon as something that’s “100% based on the idea that overvalued assets will go up in price when there are enough investors willing to take the needed risk to pay more for them.

He also joked that “expensive digital images of monkeys” would “improve the world To To great extent” whilr indirectly referring to the much-hyped Bored Ape Yacht Club NFT collection.

Bitcoin the world’s biggest cryptocurrency has wiped out over half of its value since the start of 2022. As at Wednesday, it was trading at $21,107 but down 7% in the last 24 hrs.

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