Bill Gates says cryptocurrencies also NFTs are 100% based on the theory of greater stupidity

Bill Gates is not a fan of cryptocurrencies or irreplaceable tokens.

Speaking to TechCrunch on Tuesday about climate change Bill Gates, the billionaire founder of Microsoft described the phenomenon as something “100% based on the bigger stupid theory,” citing the idea that overvalued assets will spike if enough investors are willing to pay more for their money. You. .

Bill Gates joked that “expensive digital images of monkeys” would “greatly improve the world” and aimed at the hugely popular NFT Bored Ape Yacht Club collection.

NFTs are tokens that cannot be exchange for each other. They are often advertise to prove ownership of digital assets such as works of art or sports collections. However, critics see it as overkill and potentially harmful to the environment, given the energy-intensive nature of cryptocurrencies. As a result, many NFTs are built into the network behind Ethereum, the second-largest token.

“I’m used to asset classes like a farm where they own the product or a company that makes the product,” Gates said.

As for crypto, “I’m not involved,” Gates add. “I’m neither old nor short on these things. However, cryptocurrencies plunged this week after Celsius, a crypto lending company, halted all account withdrawals. The disaster has fueled fears of Celsius’s impending bankruptcy – and possible repercussions for other parts of the crypto market. Meanwhile, Celsius said he was “working around the clock for our community.”

The ailing crypto world has already licked its wounds after the collapse of UST – the so-called $1 stablecoin – and Luna, its sister token. In their heyday, the two cryptocurrencies cost $60 billion.

Bitcoin last traded at $21,107 on Wednesday, down 7% in the last 24 hours. The world’s largest cryptocurrency has lost additionally than half of its value since 2022.