Bill Gates is not a fan of cryptocurrencies or NFTs (non-fungible tokens).
Speaking at the TechCrunch conference on climate change, the billionaire Microsoft co-founder described the phenomenon as something “100% based on The Biggest Fool Theory,” referring to the idea that a buyer can buy an asset above its value in the hope of reselling. . this later at an even higher price.
Gates joked that “expensive digital images of apes would make the world a much better place,” referring to the highly publicized Bored Ape Yacht Club NFT collection.
NFTs are tokens that cannot be exchanged for each other. They are often presented as a means of proof of ownership of digital assets such as art or sports collectibles.
But critics consider them overpriced and potentially harmful to the environment, given the energy-intensive nature of cryptocurrencies. Many NFTs are built on the network behind Ethereum, the second most important token.
“I’m used to asset classes … like a farm where they have production, or like a business where they make products,” Gates said.
As far as cryptography goes, “I’m not involved in this,” Gates added.