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Kuni Nguyenová
June 15, 2022, 12:15pm
Reading time: 1:03

Bill Gates: Crypto Is A Sham, Investing Is Based On The 'Greater Fool Theory'

Microsoft co-founder and billionaire Bill Gates took a stand against cryptocurrencies and the NFT. According to him, their phenomenon is based on the theory of a greater fool.

Kuni Nguyenová
June 15, 2022, 12:15pm
Reading time: 1:03
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According to Bill Gates, investing in cryptocurrencies or the NFT is in the spirit of the theory of finding "even greater fools" who could invest in the whole system. According to him, everything is based only on speculation. When there are enough investors who want to pay for something more, even overvalued assets will rise in price. The founder of Microsoft stated this at Tuesday's TechCrunch lecture on climate change  pointed out CNBC server.

 

The theory of the greater fool is based on the idea that buying an asset (in this case cryptocurrencies) at an unreasonably high price can ultimately bring you a profit. There is always a "greater fool" who will be willing to buy it from you at an even higher price.

 

According to him, crypto assets have no real impact on society. "Expensive digital images of monkeys would certainly improve the world immensely," Gates joked, referring to the highly publicized Bored Ape Yacht Club NFT collection.

 

 

Gates has long been an opponent of cryptocurrencies, he has never invested in them, and he has no plans to do so. According to him, they are also harmful to the environment, given that their mining is energy-intensive. "I'm used to investing in companies that have real products, that are useful for society" Gates said.

Gates criticized crypto at a time when their value is plummeting. The price of the most famous digital currency bitcoin fell below $ 25,000 this week and its value continues to fall.

 

 

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Thumbnail: Wikimedia/World Economic Forum/free use
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