Why Bill Gates Believes Bitcoin, Crypto & NFTs Are A Fool’s Game
The famous billionaire and Microsoft co-founder takes a stab at digital assets while the bull is locked in its cage
When Bill Gates speaks, many people listen.
And for good reason. He’s the co-founder and former CEO of Microsoft — the company that revolutionized personal computing in the 1980s and 1990s.
After Bill Gates’ tenure at Microsoft, when he formally retired from the software industry, he went on to pursue other passions. He started the Bill & Melinda Gates Foundation with his long-time wife, which is now one of the world’s largest philanthropic organizations. And he’s also become a vocal advocate for vaccines, population control, and other global health initiatives.
So, when Gates recently spoke out against Bitcoin, cryptocurrencies, and non-fungible tokens (NFTs), of course, it made headlines.
In a recent panel discussion at the 58th annual Munich Security Conference, Bill Gates said…
“You have an asset class that’s 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do.”
The asset class Gates is referring to is digital assets. And like many cryptocurrency detractors, he’s highlighting the fact that digital coins and tokens are purely a speculative market.
And he’s not the only person who has taken this stance. Over the last decade, many financial experts have called Bitcoin and other digital assets a “bubble” — a bubble that will burst.
During the panel discussion, Gates also poked fun at Bored Ape Yacht Club and NFTs when he added, “I mean, obviously expensive, you know, digital images of monkeys are gonna improve the world.”
So, what is Bill Gates’ real beef with digital assets?
From Gates’ recent comments, it’s obvious the billionaire philanthropist doesn’t believe Bitcoin, cryptos, or NFTs are a good way to store value.