When it comes to cryptocurrencies and the NFT, Bill Gates does not count.
According to Bill Gates, these digital asset trends are 100% based on what is known as "fool theory" - in finance, this term suggests that you can sometimes make money by buying overvalued assets in the hope of selling them more. late at an even higher price.
In this context, a "fool" can buy a product hoping to sell it to a "bigger fool" and make a profit. This works as long as there are enough "bigger idiots" willing to pay ever higher prices.
At a conference for TechCrunch, Gates mocked the Bored Apes NFT, joking that "expensive digital monkey images" would "improve the world tremendously."
NFTs are unique units of data stored in a digital book. NFTs transform digital artwork and other collections into unique, verifiable assets that are easy to trade on the blockchain.
His comments come at a time when bitcoin and other cryptocurrencies are losing value. Bitcoin reached an all-time high of $ 69,000 in November 2021. Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, falling below $ 23,000.
