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Gates attributes the cryptocurrency's popularity to the Greater fool theory

Gates attributes the cryptocurrency's popularity to the Greater fool theory

Gates said he is not a fan and is not involved in NFT and cryptocurrencies, and so far has not opened either long or short positions.

According to CNBC, Bill Gates commented on cryptocurrencies on Tuesday at the TechCrunch conference on climate change, calling the phenomenon "100% based on the Greater fool theory," referring to the idea that overvalued assets will rise in value when there are enough investors ready to pay big money for them.

As an example, Gates pointed to the much-publicized NFT Bored Ape Yacht Club, noting that “expensive digitalimages of monkeys” would “improve the world immensely.”

As we know, NFTs, or non-fungible tokens, are tokens that cannot be exchanged, and they are often promoted as a way to prove ownership of digital assets, such as artwork. Still, critics consider them over-promoted and potentially hazardous to the environment, given the energy intensity of crypto mining. 

Gates considers himself a supporter of traditional assets, stating that

“I’m used to asset classes... like a farm where they have output, or like a company where they make products.”

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