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Bill Gates Criticizes Cryptocurrency As A Dumb Theory

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Bitcoin Hits Below $22000 Mark
Bitcoin Hits Below $22000 Mark (Pixabay)
Bill Gates Criticizes Cryptocurrency As A Dumb Theory
Bill Gates Criticizes Cryptocurrency As A Dumb Theory (Pixabay)

Bill Gates, founder of Microsoft (MS), once again downgraded the valuation, saying, “Cryptocurrency projects such as non-fungible tokens (NFTs) are based on ‘the greater-fool theory’.”

At the Climate Change Conference held in Berkeley, California, USA on the 14th (local time), Gates pointed out ironically, saying, “Obviously, expensive digital images of monkeys will greatly advance the world.” The dumber idiot theory is that even if the price of an investment product is currently high, one invests in the expectation that an investor will buy it at a higher price than him. Cryptocurrency prices have plummeted recently. It rose to $67,000 last year, but plummeted to the $21,000 level that day.

Gates has continued to criticize cryptocurrencies. Last year, he argued with Tesla CEO Elon Musk that Bitcoin is too risky for ant investors to invest in and has a negative impact on the environment to mine. On the same day, Gates also evaluated his foundation-backed digital banking as “hundreds of times more efficient than cryptocurrencies.”

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.