Bill Gates Says Cryptocurrency And NFTs Are Based On ‘Greater Deception Theory’

Bill Gates Not a fan of cryptocurrencies or non-fungible tokens.

speaking in TechCrunch talk On climate change Tuesday, billionaire Microsoft The co-founder described the phenomenon as something “100% based on the theory of greater deception,” referring to the idea that overvalued assets will rise in price when there are enough investors willing to pay more for them.

Gates joked that “expensive digital photos of monkeys” would “dramatically improve the world,” referring to the Bored Ape Yacht Club NFT group.

NFTs are tokens that cannot be exchanged for each other. they often described As a way to prove ownership of digital assets such as art or sports collectibles. But critics see it exaggerated And potentially harmful to the environment due to the energy-hungry nature of cryptocurrencies. Many NFTs are built on the backend network raisedthe second largest token.

“I’m used to classifying assets… as a farm where they have production, or as a company where they make products,” Gates said.

As for cryptocurrency, Gates said, “I’m not into that.” “I’m neither tall nor short for any of these things.”

Cryptocurrencies have fallen sharply this week after Celsius, a cryptocurrency lender, All withdrawals from the account are suspended. The disaster has raised fears of a looming bankruptcy event for Celsius – and Possible side effects for other parts of the crypto market. For her part, Celsius says she “works around the clock for our community.”

The exhausted crypto world was already licking its wounds after the collapse of terrestrial treasuries — the so-called “stablecoin” that was supposed to be worth $1 — and Luna, its sister token. At its height, both cryptocurrencies were worth $60 billion.

Bitcoin It was last traded at $21,107 on Wednesday, down 7% in the last 24 hours. The world’s largest cryptocurrency has wiped out more than half its value since the start of 2022.

Watch: What you should know before investing in cryptocurrency