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Home People Billionaire Watch

Bill Gates says crypto, NFTs 100% based on greater fool theory

Says digital banking is 100 times more efficient than digital banking

Zainab Iwayemi by Zainab Iwayemi
June 15, 2022
in Billionaire Watch
Bill Gates explains Japa syndrome is healthy for Nigeria

Microsoft co-founder, Bill Gates

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Microsoft co-founder, Bill Gates has stated that investment in crypto like nonfungible tokens (NFTs) is based on the greater fool theory.

The billionaire who spoke at a climate conference doubted that expensive digital images of monkeys are going to improve the world immensely.

On the other hand, Gates defended digital banking efforts which he supports through his philanthropic foundations, regarding it as hundreds of times more efficient than cryptocurrencies.

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What is “Greater fool theory”?

  • The greater fool theory argues that prices go up because people are able to sell overpriced securities to a greater fool whether or not they are overvalued – until there are no fools left.
  • The theory implies that investors are most likely to ignore valuations, earnings reports and all other data as well as the fundamentals that involve understanding and company ownership when investing in an asset.

What Gates is saying

Gates has always maintained a position as someone that likes investing in things with valuable output.

Gates characterized cryptocurrencies and NFTs as market-driven by sentiment. “As an asset class, it’s 100% based on the greater fool theory—that somebody’s going to pay more for it than I do”, he said.

The billionaire has also warned severely warned against investment in crypto as well as about the environmental impact of crypto.

Sharing his thoughts about bitcoin and cryptocurrency, he had said, “I don’t own any. I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.”

Gates had also waned those entering the crypto market to be wary of buying the crypto boom especially because Elon Musk is tolling that path.

“I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon (Musk), you should probably watch out,” Gates said.


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Tags: Bill GatecryptoMicrosoftNFTsnonfungible tokens
Zainab Iwayemi

Zainab Iwayemi

For further inquiries about this article, contact: Email: zainab.iwayemi@nairametrics.com Twitter: @IwayemiZainab LinkedIn: Zainab Iwayemi

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