Do not count Bill Gates among the suckers of cryptocurrencies and NFTs.
Those digital asset trends are” 100% grounded on greater fool proposition,” the Microsoftco-founder said Tuesday at a TechCrunch conference, representing the notion that investors can make money on no-good or overvalued assets as long as people are willing to bid them high.
Gates added that he is” not long or short” crypto. And he mocked wearied Apes NFTs, joking that” pricey digital images of monkeys” will” refine the world immensely.”
Rather, Gates said he prefers old fashioned investing.
” I am used to asset classes, like a ranch where they’ve output, or like a company where they make products,” he said.
His commentary come as bitcoin and other cryptocurrencies are crashing. Bitcoin hit an all- time high of $69,000 in November 2021. Since then, the world’s most precious cryptocurrency has lost two- thirds of its value, tumbling below $23,000 on Tuesday. It has lost about 25% of its value since Friday.
Crypto exchange Coinbase publicized that it’s laying off 18% of its workers as the digital currency market continues to deteriorate.
Gates has formerly mistrusted crypto. In a 2021 interview with Bloomberg, Gates said that it was one thing for Elon Musk and Tesla to invest in bitcoin, but that does not mean average investors should follow that lead.
” I do think people get bought into these fetishes , who may not have as big money to spare,” Gates said.” So I am not bullish on bitcoin.”