Tech titan Bill Gates is publicly criticizing %Cryptocurrencies and non-fungible tokens (%NFTs) as the global market for digital assets collapses.
Gates, who co-founded %Microsoft ($MSFT) in 1975, said at a conference this week that digital coins and tokens are “one hundred percent based on greater fool theory.”
Gates added that investors should not think they can make money on worthless or overvalued assets as long as people are willing to bid them higher.
During a question-and-answer session at the conference, Gates said that he’s “not long or short” cryptocurrencies, and also made fun of Bored Ape NFTs, saying sarcastically that “expensive digital images of monkeys” will “improve the world immensely.”
Gates told the assembled audience that he prefers old fashioned investing.
“I’m used to asset classes, like a farm where they have output, or like a company where they make products,” he said.
The criticisms from Gates come as prices for Bitcoin and other cryptocurrencies are crashing. Bitcoin hit an all-time high of $68,000 U.S. last November. But since then, the world’s biggest cryptocurrency has lost two-thirds of its value, falling nearly 30% since last week to nearly $20,000 U.S.