Fiction based on the greater fool theory: Bill Gates speaks about NFTs

Bill Gates has taken part in TechCrunch Sessions: Climate 2022 to discuss climate change, ways to minimize its effects, and progress that has been made since his book “How to Avoid a Climate Disaster” published in 2021.

During the discussion, special attention was paid to current economic conditions. According to the billionaire, they are “changing probably as rapidly as I’ve ever seen in my lifetime”. Also, Bill Gates once again stated that he is skeptical about crypto assets: 

I’m used to asset classes … like a farm where they have output, or like a company where they make products.

In the view of one of the wealthiest people on the planet, crypto products are fiction based on the greater fool theory. In fact, overvalued assets exist and grow only because there are investors who are willing to pay large sums to own them.

“Obviously, expensive digital images of monkeys are going to improve the world,” Bill Gates did not fail to joke about the Bored Ape Yacht Club NFT, which became a legend among crypto enthusiasts. He himself has nothing to do with cryptography, either in the short or long term.

While participating in the Ask Me Anything project on Reddit in May, Bill Gates admitted that he does not have a single bitcoin in his possession and “likes investing in things that have valuable output”.

Source: Reddit