Bill Gates is a Crypto atheist who considers Non Fungible Tokens (NFTs) work on the principle of greater fool theory. He thinks such assets are crafted to evade tax and fiscal rules. In his interview with Techcrunch, the tech billionaire threw a lot of shade on the new-gen asset that captures the zeitgeist of this whole Web3 generation.
https://twitter.com/TechCrunch/status/1536827913852465152?ref_src=twsrc%5Etfw
While speaking at a Techcrunch event on climate change, Mr. Gates shared his take on the NFTs and the related financial securities that are buzzing terms across subreddits and even mainstream media.
On the hip NFT project called Bored Ape Yacht Club, he said, “Obviously, expensive digital images of monkeys are going to improve the world immensely”.
In general, he believes NFTs are “100 percent based on greater fool theory,” which is the notion that, while the market is in a bubble, some people tend to buy overvalued assets and later sell them for a profit because, in a bubble, there will be demand for such financial products.
The Microsoft founder and ex-CEO say that he is not involved in NFTs in any form as he suspects these things are used by some to “avoid taxation or any sort of government rules.” Instead, he goes for the traditional route of tangible investments, preferably in a company where they make “products”.
Similarly, in 2021 whence asked for his opinion on Bitcoin and other cryptocurrencies, he said, “I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out.” As he doubted, the crypto market crashed and is far below its heydays.
So, this makes it clear where Gates stands in the case of such financial products, ideas, and systems.
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