Non-Fungible Tokens: Bill Gates Compares NFT to 'Greater-Fool Theory', Has Criticized Crypto Even Before

Posted on 15th Jun 2022 05:15 pm by rohit kumar

Bill Gates has outright rejected cryptocurrency projects such as non-fungible tokens (NFTs). At a climate conference on Tuesday, he compared the NFT to the 'greater-fool theory'. According to him, NFT is being proved wrongly, Gates called it just a sham. Gates jokingly said, 'Obviously, the world is going to improve a lot with expensive digital images of monkeys.' Gates said this at an event for TechCrunch in Barkley, California.

 

Gates has been critical of crypto even before his debate with Elon Musk last year. Speaking as the founder of Breakthrough Energy Ventures, Gates said, "It is very difficult to recruit Silicon Valley engineers to work in industries that require low greenhouse gas emissions, such as chemicals and steel production."

 

Continued fall in crypto

 

Bitcoin saw a decline of more than 15% on Monday and more than 5.4% on Tuesday. In the last 2 months, the market value of crypto has decreased by about $ 1 trillion. With high inflation in the US and lending platform Celcius banning withdrawals, people are increasingly selling crypto. All the popular NFT collections including Board & Yacht Club (BAYC) have also been badly affected.

 

Also Read: Business: Bajaj Finance hikes interest rate on deposits, and oil imports will reach higher levels

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