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Bill Gates Calls NFT Comes From A Very Stupid Theory

It's not new if Bill Gates doesn't want to keep his treasures in cryptocurrencies. But the tech billionaire also rejects Non-Fungible Tokens (NFTs). Gates even called it "100 percent based on a very stupid theory."

Speaking at a climate change-themed event hosted by TechCrunch, the 66-year-old tech expert said he prefers to invest in assets with tangible returns. Like a farm or factory. Even better the company that produces the product. And he admitted that he didn't get involved in the cryptocurrency or NFT hype.

"I'm not involved in those things. I have no position on those things," Gates said, pointing out that he is also suspicious of assets designed to evade taxes or any government regulation.

"Obviously, expensive digital images of monkeys will greatly improve the world," Gates said, referring to NFT's flagship project, the Bored Ape Yacht Club.

This is not the first time Gates has expressed doubts about cryptocurrencies. In an interview in February 2021, he worried about the dangers of regular investors buying bitcoin. Especially when the value of cryptocurrencies can fluctuate rapidly. It could even plummet with just a tweet from a prominent figure like Elon Musk.

“I think people fall into this mania because maybe they don't have a lot of money to spend,” Gates said in 2021. “My general thought is that if you still have less money than Elon, you might have to be careful.”

Now, the price of bitcoin has fallen again. And at the time of writing this article, it's slumped even more. That is around USD 20,000. This dramatic drop is part of a problem rocking the crypto world. Especially after the collapse of stablecoin terra in May. Plus the ongoing failure of crypto lending platform Celsius.

Gates' warning about volatility came just in time. When he spoke in 2021, the price of bitcoin soared and hit USD 63,000 in April of that year. Then it would drop dramatically, before rising again to an all-time high of more than USD 64,000 last November.

The decline in crypto was followed by the price of NFT which also fell sharply. Some of the biggest projects, such as the Bored Ape Yacht Club, are worth only half the initial price. At the same time, trading volumes are increasing, as buyers seek to acquire digital assets at the lowest prices. (*)

Photo: AFP/Ludovic Marin

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