The crypto is 100% based on the theory of a bigger fool – ‘I’m not involved in it’ – Featured news about Bitcoin

The crypto is 100% based on the theory of a bigger fool – ‘I’m not involved in it’ – Featured news about Bitcoin

Microsoft co-founder Bill Gates says that the crypto class is an asset that is 100% based on the theory of big fools. The billionaire also mocked the Bored Ape NFTs, saying: “Obviously, expensive digital images of monkeys will improve the world immensely.”

Bill Gates on Crypto and NFTs

Microsoft co-founder Bill Gates spoke about cryptocurrency and irreplaceable tokens (NFT) at this year’s Techcrunch Sessions: Climate 2022 event on Tuesday.

Referring to the Bored Ape Yacht Club NFTs, Gates said sarcastically: “It is obvious that expensive digital images of monkeys will improve the world immensely. It’s so amazing. “

He explained: “I’m used to property classes like the farm where they have production or the company where they make products,” describing the crypto as:

A class of property that is 100% based on some theory of a bigger fool that someone will pay more for it than me.

The bigger fool theory suggests that there will always be a bigger fool in the market who is willing to pay the price based on a higher estimate for an already overpriced investment. However, in the end, when no one is willing to pay a higher price, property prices can fall sharply, leaving investors with worthless investments.

Gates stressed that he does not interfere in any property that “has at its heart a kind of anonymity to avoid taxation or any state rules on kidnapping fees or things.” He emphasized:

I’m not involved in that. I am neither long nor short in any of these things.

The billionaire also claimed that the efforts in the field of digital banking, which he supports through his philanthropic foundations, are “hundreds of times more efficient” than cryptocurrencies.

The co-founder of Microsoft has long been a critic of cryptocurrency and bitcoin. In May, he told Reddit AMA that he did not own any cryptocurrency. “I like to invest in things that have a valuable result,” the billionaire said explained. “The value of a cryptocurrency is just what another person decides someone else will pay for it, so it doesn’t contribute to society like other investments.”

What do you think of Bill Gates ’comments? Let us know in the comments section below.

The crypto is 100% based on the theory of a bigger fool – ‘I’m not involved in it’ – Featured news about Bitcoin

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




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