Bill Gates is by no means a fan of cryptocurrencies and NFTs. These digital asset trends are "100% based on fool theory," Microsoft co-founder told a TechCrunch conference, referring to the notion that investors can make money on worthless or overvalued assets for as long as people are willing to offer more.
Gates added that he is not fond of cryptocurrencies, but prefers investing in old-fashioned fashion.
His comments come as bitcoin and other cryptocurrencies are losing value. Bitcoin reached an all-time high of $ 69,000 in November 2021. Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, falling below $ 23,000 on Tuesday. As of Friday, it has lost about 25% of its value.
Crypto Exchange Coinbase announced it is laying off 18% of its employees as the digital currency market continues to decline.
Gates has always been against cryptocurrencies. In a 2021 interview with Bloomberg, Gates said that the fact that Elon Musk and Tesla invest in bitcoin does not mean that average investors should follow that direction.
