Bill Gates says that cryptocurrencies and NFTs are based on finding “someone dumber” | Technology
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Microsoft founder Bill Gates said during a conference on Wednesday that NFTs — unique digital images that are individually owned, yet infinitely reproducible — and cryptocurrencies are based on a financial theory known as “a greater fool.” His only goal is to find someone dumber to buy inflated securities at a higher price.
During the talk, organized by TechCrunch, he joked about the Bored Ape Yacht Club, an NFT-based organization of monkeys dressed as humans that have been sold for hundreds of thousands of euros and some of their owners are famous: “Of course, digital images of monkeys will greatly improve the world”, he said ironically.
Gates expressed his preference for traditional sectors, such as farms or companies, “or a company that makes products.” In this context, he clarified that he is not involved in any kind of buying or selling of cryptocurrencies or NFTs.
It is not the first time that Gates has criticized this type of currency. A little over a year ago he warned people who put a lot of money into bitcoins: “I think people who get into these manias still don’t have a lot of money to waste.” This is not a bad time for this type of criticism: bitcoin and other cryptocurrencies have been in decline for several weeks. At the end of the year, bitcoin touched $65,000 in value and is now slightly above $20,000.
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