Bill Gates tells if it’s time to invest in the crypto market and NFTs

In a recent interview, billionaire and Microsoft co-founder Bill Gates uncovered the truth about NFTs and the crypto market. He thinks NFTs and cryptocurrencies are 100% based on the “greater fool theory.” Also, he believes that the market of digital assets is primarily determined by speculation, so he does not plan to invest in any of the existing coins. Well, more will be left for us.

The “greater fool theory” is basically an idea that one can make money by investing in overvalued assets and selling them for a profit later, because there will always be someone else who will come along and pay a higher price.

Businessman criticized crypto before, arguing with Tesla CEO Elon Musk in 2021 over whether BTC is too risky for retail investors and the environmental harm of mining coins. And he repeated his opinion about the industry during the TechCrunch Sessions: Climate 2022 conference.

In particular, he sarcastically said that “expensive digital images of monkeys are going to improve the world immensely.” Apparently, he was referring to the most popular NFT collection Bored Ape Yacht Club.

Amid the ongoing crypto crash, the floor price of Bored Ape Yacht Club NFTs dropped below $100k for the first time in almost a year yesterday, from the first time in almost a year yesterday: from an all-time high of nearly $429K (152 ETH) on April 29. 

Also, Bill Gates noted that he does not long or short any of “those things” because he prefers to invest in “things that have valuable output.”