Crypto is 'an asset class that's 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do,' said Bill Gates. cryptocurrency bitcoin $BTC
The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.”Microsoft co-founder Bill Gates talked about cryptocurrency and non-fungible tokens at this year’s Techcrunch Sessions: Climate 2022 event Tuesday.
He clarified, “I’m used to asset classes like a farm where they have output or a company where they make products,” describing crypto as: The Greater Fool Theory suggests that there will always be a greater fool in the market ready to pay a price based on a higher valuation for an already overvalued investment. However, eventually, when there’s no one left willing to pay a higher price, asset prices can decline sharply, leaving investors holding worthless investments.
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