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Bill Gates puts NFTs on blast as ‘shams’

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Billionaire Bill Gates has criticized cryptocurrency and related projects such as the NFT as a sham based on the greater fool theory.

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He stated this during a speech at climate conference hosted by TechCrunch on June 15th. Speaking of the Bored Ape Yacht Club, he joked:

“Obviously, expensive digital images of monkeys will greatly improve the world.”

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The Greater Fool Theory is a financial behavior based on crowd psychology that suggests that assets can be sold for significantly more than their real value when enough investors are willing to pay for them.

Gates stands for digitalization, but against cryptography

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Gates said he is not into crypto assets in the long term or short term. Instead, he prefers asset classes tied to the company and the products it makes.

During a discussion with Elon Musk, Gates criticized the cryptocurrency before saying that bitcoin is too risky for retail investors and is causing huge environmental damage.

In 2021, Gates explained why he is against cryptocurrencies, stating that it could lead to tax evasion. However, he agrees with the benefits of digitizing money and supports the idea of ​​central banks moving away from their digital currencies.

Gates said:

“I really think getting money more digital and lowering transaction costs is what the Gates Foundation is doing in developing countries.

But there we do it so you can reverse the transaction, you have full visibility into who is doing what, so it’s not about tax evasion or illegal activity.”

Bitcoin Critics Worry About Cost

Bill Gates, Warren Buffett and Peter Schiff are the most prominent figures criticizing cryptocurrencies.

Buffett and Schiff seem to share the same concerns as Gates when they explain why they reject the idea of ​​cryptocurrencies. All three are concerned about the value of crypto assets and argue that once investors stop buying, all crypto assets will depreciate.

Warren Buffett

Famous investor Warren Buffett argues that cryptocurrencies are worthless because they don’t produce anything. He says:

“If I have all the bitcoins… what am I going to do with them other than sell them to you?”

He confidently says that he does not have bitcoins and never will.

Peter Schiff

Euro Pacific Capital CEO Peter Schiff also agrees with Gates and Buffett, saying that Bitcoin has no value on its own. Thus, Schiff believes that crypto assets will depreciate as soon as the hype around cryptocurrencies disappears.

He says he will only accept bitcoin when it becomes an everyday currency.

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