One of the wealthiest people on the planet, the co-founder of Microsoft, Bill Gates doesn’t believe in ‘imaginable’ currencies. He is just waiting for an occasion when he can unleash his thoughts and blast the ‘imaginary’ currencies and NFTs. According to him, they are grossly basing themselves on one principle called ‘the greater fool theory’.
Recently, the billionaire attended a ‘Climate Conference’ and he expressed his anti-crypto stance. You may say that his views are outdated, but they make sense. He held his thoughts on NFTs and said that he doesn’t see any good in them. He doesn’t expect “non-fungible tokens such as digital images of monkeys to improve the world immensely.”
Gates refers to the most popular NFT at the time. An image of a monkey called the Bored Ape Yacht Club. Over the past months, popular people, celebrities, and public figures go crazy over it. They all outbid one another to obtain it. Amongst these celebrities, we can find names such as Madonna, Neymar, Serena Williams, and the list goes on.
According To Bill Gates Crypto And NFTs Are Based On The Greater Fool Theory – Joe Rogan Agrees With Him
Amongst other things, Bill Gates says that he sees the whole NFTs and crypto charade as a typical example of ‘the greater fool theory’.
He explains the theory – “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.”
To explain in more detail, what this means is ‘making something’ more-or-less worthless and ignoring all price valuations, earnings reports, and all things pointing out the real value of the ‘thing’, so you can sell the ‘thing’ to a potential ‘fool’ that is willing to pay more than you had previously spent. According to the billionaire, there is only a short-term market for such things. Once the market runs out of ‘fools’ the price of the NFT drops with a great speed to the original value – which is 0.
Bill Gates also admits that he doesn’t own any cryptocurrency as well. The reason, if you might have wondered – is the same as for NFTs. He doesn’t see any value in them. Throughout his life, he always tends to invest in things with ‘valuable output’.
The Microsoft founder is not the only one with such views on the matter. Most recently, the famous UFC commentator and podcaster, Joe Rogan expresses his similar views on NFTs.
Rogan doesn’t understand how someone can allow himself to pay a considerable amount of money to acquire something that he essentially ‘cannot touch’ or experience.
“Here’s my problem, I can have that photo, and I can have it on my phone.” – Joe says.
What is the purpose of owning something, if everybody else can just download it to their phones from the internet and have it as well – without paying anything?
What do you think? Are your views on NFTs and Crypto the same as Rogan’s and Gates’s?
