Bill Gates says NFTs are ‘a hundred percentage primarily based totally on more dumber theory’
Bill Gates says NFTs are ‘a hundred percentage primarily based on more dumber theory’

Image credit- https://foto.wuestenigel.com/nft-digital-art-is-already-attracting-hackers/

Bill Gate’s NFTs theory

Technology  billionaire Bill Gates has dismissed NFTs as "100% dumber theory" - the financial concept that even overvalued assets can make money as long as you find a dumber to sell them. 

Gates said he prefers to invest in assets with tangible results, like a farm or factory, "or a company where they make a product," and that he has no position in crypto or stocks. NFT. “I have nothing to do with this. I don't understand long or short in any of this," Gates said, suggesting he's also wary of properties designed to "avoid taxes or any kind of government rule."  

 "Obviously expensive digital images of apes would make the world a lot better," joked Gates, referring to NFT's flagship  project, Bored Ape Yacht Club.

This is not the first time Gates has expressed distrust about cryptocurrencies. In a February 2021 interview, he was concerned about the dangers to investors who regularly buy Bitcoin, especially since the  value of this cryptocurrency fluctuates wildly and can be reversed based on the tweet from a famous investor, like Elon Musk. 

Gates said in 2021: “I  think people get bought into these fads and probably don't have a lot of money to spend. 

 Gates' volatility warning has been issued. As he spoke in 2021, the bitcoin price is rising and will peak at $63,000 in April of the same year. It would then crash dramatically, before rising  to an all-time high of over $64,000 last November. 

 Since then, the Bitcoin price  has dropped again and at the time of writing, it is trading just above $20,000. The dramatic drop is part of a larger series of convulsions that have rocked the crypto world, following the collapse of the so-called “stablecoin” Terra in May and the continued failure of the Cryptocurrency lending platform celsius.

 Similarly, the price of NFT has also plummeted. Some of the biggest projects, like the aforementioned Bored Ape Yacht Club, have more than halved in value. At the same time, trading volume has increased as buyers look to buy digital assets at bargain prices. Like Gates, perhaps, they could be the craziest subscribers to the NFT theory - believing that there are more idiots out there, if only they could find them.

Not my circus, not my digital image of a monkey, says Gates