These digital asset trends are “100% based on the theory of greater stupidity,” Microsoft co-founder said at a TechCrunch conference on Tuesday, citing the idea that investors can make money on worthless or overvalued assets as long as people are willing to give them more. .
Instead, Gates said he prefers old-fashioned investing.
“I’m used to property classes, such as a farm where they have production, or as a company where they make products,” he said.
His comments come at a time when bitcoin and other cryptocurrencies are falling. Bitcoin reached the highest level of $ 69,000 of all time in November 2021. Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, falling below $ 23,000 on Tuesday. It has lost about 25% of its value since Friday.
Crypto exchange Coinbase has announced it is laying off 18% of its employees as the digital currency market continues to crumble.
“I think people fall in love with these mania, who may not have that much money to spare,” Gates said. “So I’m not bitcoin-minded.”