Bill Gates thrashes crypto; pokes fun at BAYC 

Bill Gates, the billionaire, and philanthropist thrashed cryptocurrencies and poked fun at the Bored Ape Yacht Club NFT collectibles at this year's TechCrunch Sessions: Climate 2022. 

When asked what his views are on cryptos and NFTs, he mocked how expensive certain NFT collectibles are. He also explained the kinds of assets he prefers and those are not cryptos.   

Gates mockingly said, “Obviously, expensive digital images of monkeys are going to improve the world immensely. That is just so incredible.” 

He then added, “I am used to asset classes like a farm where they have output or a company which makes products whereas these asset classes are based on ‘greater fool theory’ as to who would pay a higher price than I would.”   

Gates also clarified whether he is invested or not in cryptos and said “I am neither long nor short when it comes to these asset classes.”    

   

Gates is not the only billionaire who has condescending views when it comes to cryptos and other digital assets. 

Previously, ace investors and Berkshire Hathaway CEO Warren Buffett has also thrashed cryptos, especially Bitcoin. At the Berkshire Hathaway's annual shareholder's meeting last month, Buffet said, “If you told me to own all the Bitcoin in the world and offered it to me at $25, I wouldn't take it” 

Buffet also had similar reasons to Gates for his dislike of cryptocurrencies. He explained his views at the conference saying he sees no value creation in holding Bitcoin. 

He further clarified that owning assets like real estate; farmland and such like generate income in the form of rent, crops and others. But holding Bitcoin or other cryptos does not generate any such value. And the holder would only be profitable when he sells his holding to someone else at a higher price. 

Also Read: Warren Buffett dismisses Bitcoin, says would not buy all the supply in the world for $25

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