Investing.com – Famed Microsoft (NASDAQ:) co-founder Bill Gates has been quick to reiterate his aversion to cryptocurrencies amid the current rout amid the threat of falling back below the key $20,000 threshold .
Encouraging himself at a TechCrunch conference on climate change yesterday, Bill Gates explained that in his view cryptocurrencies and NFTs are “100% based on the biggest fool theory”, referring to the idea that the Crypto asset prices go up for the sole reason that there are enough investors willing to pay more.
Mr Gates joked about the ability of ‘expensive digital images of apes’ to ‘so improve the world’, referring to NFT’s Bored Ape Yacht Club collection.
Taking up arguments repeatedly put forward by Warren Buffett, Bill Gates also criticized the unproductive nature of cryptos and NFTs:
“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 obvious, Gates also clarified about crypto: “I’m not involved in that. I’m not long or short on any of those things.”
Finally, remember that Bitcoin, affected by the prospect of a sharp rise in Fed rates and by developments specific to the cryptocurrency market, is threatening this Wednesday to drop below the psychological capital threshold of $20,000.