Microsoft co-founder Bill Gates has once again publicly dismissed crypto and non-fungible tokens (NFTs) as digital currencies continue to tumble.
The billionaire philanthropist and seasoned investor doubled down on his long-held stance this week during a TechCrunch talk on climate change; reinforcing what countless have come to learn over the past year, and what countless more will undoubtedly argue against in the comment section.
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โObviously, expensive digital images of monkeys are going to improve the world immensely,โ Bill Gates joked in reference to the Bored Ape Yacht Club NFT collection.
โIโm used to asset classes like a farm where they have output or a company where they make products.โ
Gates went on to explain how cryptocurrencies and NFTs fall under an asset class that not only has zero intrinsic value, itโs also โ100% based on the Greater Fool Theoryโ โ the notion that โsomebodyโs going to pay more for it than I do.โ Apparently, he isnโt entirely cool with the whole aspect of anonymity, lack of taxation, or lack of government regulations on kidnapping fees, either.
โIโm not involved in thatโฆ Iโm not long or short on any of those things.โ
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Bill Gatesโ most recent criticisms of crypto and NFTs echo the sentiments consistently expressed by longtime friend Warren Buffet, who has been sounding the alarm since โBitcoinโ entered the mainstream lexicon.
During the 2022 Berkshire Hathaway annual meeting hosted in Buffettโs hometown of Omaha, Nebraska, the Chairman, CEO, and legendary investor set aside some time to denounce crypto and meme stocks. As expected from the grandaddy of value investing.
โSometimes the stock market is quite investment-oriented, and other times, itโs almost totally a casino, a gambling parlour โ and that existed to an extraordinary degree in the last couple of years, encouraged by Wall Street,โ said Warren Buffett before noting how Wall Street cashes in by โcatching the crumbs that fall off the table of capitalism.โ
โIf you told me you owned all of the Bitcoin in the world, and you offered it to me for $25, I wouldnโt take it. Because what would I do with it? I would have to sell it back to you one way or another. It isnโt going to do anything.โ
Do with that information what you will.
