Bill Gates said he thinks cryptocurrencies and NFTs are “100%” based on the Greater Fool Theory. The 66-year-old billionaire was referring to the notion that overvalued assets will keep rising because there are enough people willing to pay high prices for them. He joked that “expensive digital images of monkeys” would “improve the world immensely.”
In referencing NFTs and monkey images, Bill Gates appeared to be commenting on a monkey from the Bored Ape Yacht Club NFT collection. NFTs, or nonfungible tokens, are digital proofs of purchase for goods like art, digital music, or sneakers.
Gates, who for years has lampooned cryptocurrencies, said at a TechCrunch event in Berkeley, California, that people bought cryptos and NFTs based on the idea that, no matter their price, they could be sold for higher because “somebody’s going to pay more for it than I do.”
Bill Gates is not the only crypto skeptic among the superrich investors. Warren Buffett and Jamie Dimon, have also expressed skepticism about cryptocurrencies. Buffett once called bitcoin “rat poison squared.”
Time will show! The Twitter user @StrobFX remarked “that the same could be said of expensive images of a certain Italian noblewoman. Gold and many other store of value are also based on the greater fool theory.“