Bill Gates criticizes Cryptocurrencies again, based on ‘great fool’ theory

Microsoft founder Bill Gates once again criticized digital assets at the TechCrunch climate conference on June 14th, calling cryptocurrency projects such as NFT “based on the ” great fool theory”.

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“Obviously, expensive digital photos of monkeys will greatly improve the world,” Gates said sarcastically in his speech, referring to the “Boring Ape” NFT series. Gates also said he is neither long nor short of the asset class.

Gates has criticized cryptocurrencies before, arguing last year with Tesla CEO Elon Musk over whether bitcoin is too risky for retail investors and the environmental harm of mining bitcoin.

Moreover, Bitcoin plummeted by more than 15%. Bitcoin fell 5.4% to $21,991.89 on June 14, its lowest close since December 16, 2020. Currently, the Bitcoin price is $21,863.90.

Note:

The greater fool theory refers to the fact that in capital markets (such as stocks and futures markets), people are willing to pay a high price for something regardless of its true value because they expect a larger one. The idiots will buy it from them for a higher price. One of the most important truths that Bo silly theory tells people is: that in this world, being stupid is not terrible, what is terrible is to be the last fool.

(via)