Bill Gates flames NFTs as cryptocurrency market crashes

Bill Gates recently fired shots at 'expensive digital images of monkeys' during an interview at the TechCrunch climate conference.

Published Jun 16, 2022 4:31 AM CDT   |   Updated Mon, Jul 11 2022 6:19 PM CDT
0 minutes & 48 seconds read time

Bill Gates spoke at the TechCrunch climate conference on June 14th, 2022.

Gates has previously been vocal about his misgivings about cryptocurrencies and non-fungible tokens (NFTs), questioning their viability and opposing the massive carbon footprint associated with mining them and processing their transactions on the blockchain.

Gates joked during an interview at the conference that "obviously, expensive digital images of monkeys are going to improve the world immensely, we all know that, and that's so incredible," referencing the notorious Bored Ape Yacht Club (BAYC) NFTs.

He went on to make a comparison to conventional asset classes like farms or companies which produce goods and products, claiming that an asset class such as NFTs is based "a hundred percent based on greater fool theory."

Greater fool theory is the notion that overvalued goods, in this case, NFTs, can be bought to make a profit, assuming that someone else will purchase them for an even greater amount, making them the 'greater fool.'

Bill Gates flames NFTs as cryptocurrency market crashes 01
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Adam grew up watching his dad play Turok 2 and Age of Empires on a PC in his computer room, and learned a love for video games through him. Adam was always working with computers, which helped build his natural affinity for working with them, leading to him building his own at 14, after taking apart and tinkering with other old computers and tech lying around. Adam has always been very interested in STEM subjects, and is always trying to learn more about the world and the way it works.

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