Bill Gates Criticizes Non-Fungible Tokens (NFTs)
June 15, 2022Bill Gates, co-founder of Microsoft, recently stated that non-fungible tokens (NFTs) are a “greater fool theory” type of investment.
Gates stated sarcastically that those who spend a fortune on ape paintings would be able to make the world a much better place.
The NFT bubble has predictably deflated in the midst of the current market slump, with the floor price for a Bored Ape Yacht Club (BAYC) NFT recently falling to its lowest level since August of last year.
The cost of entry has dropped by about 80% in just two months, leaving investors who purchased the hot NFT stocks at far higher prices in the dust.
The value of other popular NFT collections, such as CryptoPunks, has also dropped.
While celebrities have endorsed NFTs, some important figures chose to discard them at the height of their popularity.
For example, Canadian actor Keanu Reeves found the idea of paying exorbitant prices for easily replicable artwork amusing.
Gates’ skepticism is unsurprising considering his long history of bitcoin criticism. Back in May 2018, the billionaire stated that if he could, he would be willing to short Bitcoin.
Given that he lamented cryptocurrencies’ lack of intrinsic worth in a Reddit post, it appears that Gates has yet to warm up to them.
Despite his bearishness, Gates insists that he has not shorted Bitcoin.
The values of major cryptocurrencies plummeted this week, with Bitcoin falling below $20,000 for the first time since December 2020.
