"More Nonsense Based on the Dumber Fool Theory"... Bill Gates Criticizes Cryptocurrency and NFT Again

Bitcoin Collapses Below $21,000
Bill Gates Continues to Criticize Cryptocurrency

Bill Gates harshly criticized cryptocurrencies and NFTs, calling them based on the "Dumber Fool Theory."
[Image source=Yonhap News]

[Asia Economy Reporter Hyunju Park] Bill Gates, the founder of Microsoft (MS), has disparaged NFT and other cryptocurrency projects as "nonsense based on the greater-fool theory." He has maintained a negative stance on cryptocurrencies.

According to Bloomberg on the 14th (local time), Gates sarcastically remarked at a climate change conference held in Berkeley, California, "Clearly, expensive digital images of monkeys will greatly advance the world." The "greater-fool theory" refers to investing with the expectation that there will be a "greater fool" willing to buy at a higher price, despite knowing that the price of a commodity is abnormally high.

Recently, cryptocurrency prices have plummeted. Bitcoin reached an all-time high of $69,000 in November last year but has since crashed to the $21,000 range as of this date. Consequently, Coinbase, the largest cryptocurrency exchange in the U.S., announced on the same day that it would cut 18% of its total workforce.

Previously, Gates has consistently criticized cryptocurrencies and clashed with Elon Musk, CEO of Tesla. Musk is a proponent of cryptocurrencies such as Bitcoin and Dogecoin. In February, Gates warned, "Elon Musk is wealthy and very sophisticated, so I am not worried about his Bitcoin randomly going up or down," adding, "If you have less wealth than Musk, be cautious with your investments." In March, he also criticized the large amounts of electricity consumed in mining or trading Bitcoin, stating that it could have a negative impact on climate change.

This content was produced with the assistance of AI translation services.