NYC, 15th June 2022: The tech billionaire & founder of tech company Microsoft Bill Gates, criticised cryptocurrencies and NFTs. He termed cryptocurrency & Non-Fungible Tokens (NFT) as fake, saying that it is based only on the Greater fool theory.
Gates was speaking at an event on climate change hosted by TechCrunch. Bill Gates joked that the world is going to improve a lot with expensive photos of monkeys. These are of no use. One can neither invest in the long term or short term.
He also pointed out that bitcoin has a lot of risk for retail investors and that mining the coin also harms the environment.
The Microsoft co-founder said he preferred investing in tangible assets or “a company where they make products.” He also mentioned that he does not hold any crypto assets.
Gates’ statement comes at a time when the world’s largest, most popular and oldest cryptocurrency has seen a massive drop in bitcoin. It fell more than 15 per cent on Monday, while it fell 5.4 per cent on Tuesday as well.
According to data, the price of bitcoin has fallen by more than eight percent today. Its price has come down to 21 thousand dollars. The rising inflation in the US has affected the price of cryptocurrencies.