The Bored Ape is not a favorite of Bill Gates. On Tuesday, the billionaire philanthropist spoke at TechCrunch‘s climate event, expressing his reservations about NFTs and other cryptocurrencies.
Bill Gates tells us what he really thinks of Bored Apes at #TCClimate: pic.twitter.com/vBc8BaaTup
— TechCrunch (@TechCrunch) June 14, 2022
Gates stated that he likes to invest in farming or companies that provide products and that NFTs are “an asset class that’s 100% based on the greater fool theory that someone’s going to pay more for it than I do.” The greater fool theory states that you can profit from an overvalued asset as long as someone else is ready to pay more for it than you did. The market will eventually overflow and run out of “fools” who are riding the asset’s money-making wave.
Gates made it plain that he does not invest in NFTs or any other kind of crypto, citing taxation and government regulation as reasons. He stated, “I’m not involved in that,” and “I’m not long or short in any of those things.” Gates remarked that digitized images of monkeys might benefit the world at one point during the talk, a reference to the Bored Ape Yacht Club’s persistent presence in the world of NFTs.
The comments aren’t the first time the Microsoft co-founder has spoken out about crypto. Gates remarked in a 2021 interview with Bloomberg Technology that such investments are insanely risky and that Bitcoin should be avoided. He cautioned investors with less cash on hand than Elon Musk to be mindful of the market’s volatility. On the other hand, Gates expressed his support for digital money that can be controlled and regulated, particularly in underdeveloped countries.
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