Bill Gates calls cryptocurrencies and NFTs a fraudulent scheme

During TechCrunch Sessions, billionaire and Microsoft founder Bill Gates said that the popularity of cryptocurrencies and NFT projects is based on the «great fool» theory.

«Obviously, expensive digital images of monkeys will make the world a better place,» Gates said sarcastically. The billionaire only invests in businesses (such as the pharmaceutical industry) that produce real products — he considers investments in non-fungible tokens and cryptocurrencies to be foolishness. According to Gates, cryptoassets are based on a fraudulent scheme: an asset bought for too high a price will later be sold for more money to «an even bigger fool than the previous buyer.»

«I'm not involved in all these things related to anonymity, breaking rules, lack of regulation, fraudulent schemes… I am not interested in bitcoin or NFTs,» Bill Gates said. Many of his colleagues who invest in crypto assets disagree with the billionaire’s opinion. For example, 76% of the capital ($ 20.6 billion) of FTX CEO Sam Bankman-Fried is invested in crypto assets.