15 Jun 2022
Bill Gates, “Crypto and NFTs are ‘Greater Fool Theory' Type of Investments”
The Index Today
At an event on Tuesday, Microsoft co-founder and Billionaire Bill Gates dispersed cryptocurrency projects such as nonfungible tokens as shams 'based on the greater-fool theory' reviving past criticisms of digital assets. The greater fool theory suggests the idea that overvalued assets will go up in price as there are people who are willing to pay more for them.
Bill Gates said sarcastically while speaking at an event in Berkeley, “Obviously, expensive digital images of monkeys are going to improve the world immensely,” California hosted by TechCrunch, adding that he is neither long nor short on the asset class.
“I’m used to asset classes where they have output, or like a company where they make products," Gates said adding that he is not involved with cryptos and also is “not long or short any of those things."
©Photo: Getty Images