Bill Gates’ hatred for digital assets hasn’t changed, and he’s added non-fungible tokens (NFTs) to his list of reasons. Bill Gates slammed bitcoin and blockchain-based titles at the Techcrunch Sessions conference in Berkley, California. He stated that he is not a fan of cryptocurrency or NFTs. According to the American Business Magnate, cryptocurrencies and NFTs rely on the greater fool theory in their entirety.
The greater fool theory is the idea that you can make money by buying something for more than it is worth and then selling it to someone else for even more.
“It’s incredible,” Bill Gates said of pricey digital pictures of monkeys improving the world. He then burst into laughter.
He further stated that he is accustomed to asset classes. He provided examples of a farm that produces products or a firm that generates goods. Gates suggested that he is neither long nor short on cryptocurrencies and NFTs because he is not affiliated with the sector.
Before that, the billionaire said that crypto assets would not develop into a significant asset class. He said that Bitcoin and ICOs are “some of the crazier, speculative things to invest in” at the time.
Cryptocurrencies and non-fungible tokens (NFTs) are going through a difficult time right now.
The crypto and NFT sectors broke records in 2021. The crypto industry was worth more than $2.9 trillion at its peak. Despite the fact that 2021 has been a disappointment thus far, the cryptocurrency market’s capitalization has consistently exceeded $1 trillion throughout this bear market.
The current bear market is the consequence of a variety of underlying causes. The most recent development was Celcius Network’s announcement that withdrawals, swaps, and transfers had been halted owing to extreme market circumstances. The crypto market’s cap has plunged to $887.95 billion because of news of rising inflation and fears of Celsius’s insolvency.
However, the value of NFTs, which are mostly traded in cryptocurrencies, has decreased significantly.
The floor prices of popular collections have fallen, in addition to their value. The Bored Ape Yacht Club (BAYC) collection, for example, has a floor price of 83.5 Ethereum (ETH). This price represents a 12.54% decline from the previous seven days.