Microsoft founder Bill Gates said that cryptocurrencies and NFTs are an asset class “100% based on a kind of silly theory, that someone is going to pay more for it than I do.”
The “foolishest theory” concerns the belief that it is possible to make money buying a valued asset by selling it to someone “sillier” willing to buy it for an even greater value, in the hope of doing the same.
The speech took place Tuesday (14) at a conference promoted by the TechCrunch website, in Berkeley, California (USA).
“I’m used to asset classes like a farm, where you have production, or a company, where products are made,” declared the billionaire.
Gates further stated that the cryptocurrency and NFT movement has at its heart “a kind of anonymity” that allows it to avoid fees and other government rules.
In reference to the famous Bored Ape (Bored Ape) collection of NFTs, he said sarcastically, “Obviously expensive digital images of apes are going to improve the world immensely.”
The statement comes in a week of strong drops for bitcoin, which, on Wednesday (15), reached the lowest price since December 2020.
Gates has previously criticized bitcoin, saying that people should be more careful in trading the crypto asset.