![\"Bill](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/06\/bill-gates.jpg\")
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Microsoft co-founder Bill Gates says crypto is an asset class that is 100% based on the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: \u201cObviously, expensive digital images of monkeys are going to improve the world immensely.\u201d Microsoft co-founder Bill Gates talked about cryptocurrency and non-fungible tokens (NFTs) at this year\u2019s Techcrunch Sessions: Climate 2022 event Tuesday.<\/p>\n Referring to the Bored Ape Yacht Club NFTs, Gates sarcastically said: \u201cObviously, expensive digital images of monkeys are going to improve the world immensely. That\u2019s so incredible.\u201d<\/p>\n He clarified, \u201cI\u2019m used to asset classes like a farm where they have output or a company where they make products,\u201d describing crypto as:<\/p>\n An asset class that\u2019s 100% based on some sort of Greater Fool Theory that somebody\u2019s going to pay more for it than I do.<\/p>\n<\/blockquote>\n The Greater Fool Theory suggests that there will always be a greater fool in the market ready to pay a price based on a higher valuation for an already overvalued investment. However, eventually, when there\u2019s no one left willing to pay a higher price, asset prices can decline sharply, leaving investors holding worthless investments.<\/p>\n Gates stressed that he is not getting involved in any asset that \u201cat its heart has sort of this anonymity that you avoid taxation or any sort of government rules about kidnapping fees or things.\u201d He emphasized:<\/p>\n I\u2019m not involved in that. I\u2019m not long or short in any of those things.<\/p>\n<\/blockquote>\n The billionaire also claimed that the digital banking efforts he supports through his philanthropic foundations are \u201chundreds of times more efficient\u201d than cryptocurrencies.<\/p>\n The Microsoft co-founder has long been a critic of cryptocurrency and bitcoin. In May, he said during a Reddit AMA that he does not own any cryptocurrency. \u201cI like investing in things that have valuable output,\u201d the billionaire explained<\/a>. \u201cThe value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.\u201d<\/p>\n
<\/strong><\/p>\nBill Gates on Crypto and NFTs<\/h2>\n
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