Don't count Bill Gates among the fans of cryptocurrencies and NFTs. Those digital asset trends are "100% based on greater fool theory," the Microsoft co-founder said Tuesday at a TechCrunch conference, referencing the notion that investors can make money on worthless or overvalued assets as long as people are willing to bid them higher.
Gates added that he's "not long or short" crypto. And he mocked Bored Apes NFTs, joking that "expensive digital images of monkeys" will "improve the world immensely." (Meanwhile in other news: Bored Apes creator sues conceptual artist for copying its NFTs - honestly, you couldn't make this stuff up!)
Instead, Gates said he prefers old fashioned investing. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," he said.
His comments come as bitcoin and other cryptocurrencies are crashing. Bitcoin hit 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, tumbling below $23,000 on Tuesday. It has lost about 25% of its value since Friday.