Bill Gates, the famed co-founder of Microsoft (NASDAQ:MSFT), has reiterated his opposition to cryptocurrencies in the context of the current rout, as Bitcoin threatens to go below the critical level of $20,000.
Bill Gates stated yesterday at the TechCrunch conference on climate change that cryptocurrencies and NFTs are “100% predicated on the biggest fool hypothesis,” alluding to the assumption that Crypto asset values rise only because there are enough investors ready to pay more.
Mr Gates quipped about “expensive digital photos of apes” being able to “dramatically change the world,” alluding to the NFT’s Bored Ape Yacht Club collection.
Bill Gates questioned the unproductive nature of cryptos and NFTs, echoing comments made frequently by Warren Buffett:
“I’m used to asset classes…like a farm where they have production, or like a company where they make products,” Gates said.
Finally, if it wasn’t already clear, Gates confirmed his position on cryptocurrency: “I’m not involved in any of this. I’m neither long nor short on any of these.”
Finally, keep in mind that Bitcoin, which has been impacted by the potential of a large hike in Fed rates as well as unique happenings in the cryptocurrency market, is in severe drop and threatens to go below the capital psychological threshold of 20,000 this Wednesday.