• Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot
What is DeFi staking

What is DeFi staking and how to profit from it right now?

04.11.2022
The biggest off-change Bitcoin whale keeps buying BTC

Some lessons you should’ve learned at the current crypto sell-off

02.11.2022
NFT marketplace - which one to choose

Top three NFT marketplaces you should be familiar with

14.10.2022
Twitter Reddit
cryptolife.report
SUBSCRIBE
  • Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse
cryptolife.report
Home » Bill Gates says crypto holders are fools. He is obviously smart as he has no tokens at all
Cryptocurrency

Bill Gates says crypto holders are fools. He is obviously smart as he has no tokens at all

Kostiantyn TsentsuraBy Kostiantyn Tsentsura16.06.2022
Bill Gates still owns no crypto
Bill Gates still owns no crypto

Microsoft co-founder Bill Gates is pretty sure that crypto holders are fools. He claimed that cryptocurrencies and NFTs are “100% based on greater fool theory.” What does he mean?

The Crypto market is collapsing right now.

And all the people who hated crypto today are glad to say that they were right about it.

The once again period of investors’ panic is great for billionaires who predicted soon death of digital assets. Bill Gates is among them.

Microsoft co-founder always was around bad crypto forecasts. Now he is insulting those who possess crypto.

And actually, Gates has a right to it.

“Greater fool theory”

Speaking at a TechCrunch talk on climate change this week Bill Gates said that the crypto phenomenon is ‘100% based on greater fool theory’.

This refers to any overvalued assets that go up in price when there are a lot of other investors willing to pay more for them.

Besides that American business magnates also mocked NFTs by saying that ‘expensive digital images of monkeys would improve the world immensely’. Yeah, that was about the much-hyped and idling Bored Ape Yacht Club NFT collection.

“I’m used to asset classes… like a farm where they have output, or like a company where they make products. As for crypto, I’m not involved in that. I’m not long or short any of those things,” Gates outlined.

Earlier Microsoft co-founder said in a discussion with Elon Musk that Bitcoin is too risky for retail investors and it has the environmental harm of mining coins.

Though, Gates defended digital banking efforts supported by his philanthropic foundations by saying that this is ‘hundreds of times more efficient than cryptocurrencies’.

“I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments,” Gates said on the Reddit Ask Me Anything last month.

Buffett’s team

Once being good mates with Gates, Warren Buffett has also praised the mighty traditional finances and stood up against crypto.

His arguments are pretty much the same: digital assets haven’t anything behind it and their price consist of only the investors’ interest.

But unlike Gates Buffett finally decided to invest some of his billions in the new Bitcoin-friendly digital bank. And some companies in his portfolio also have connections with digital assets.

That’s funny, but right before the current crypto market drop Value investor and Warren Buffett’s disciple Mohnish Pabrai said the previous market correction doesn’t mean the end of crypto winter.

Pabrai forecasted that the worst is yet to come for digital assets and that the ‘$3 trillion industry would disappear, hurting a lot of people’.

At the time of writing, we have a general crypto market cap of a bit more than $906 billion. Which is three-time less than the maximum, reached in November 2021.

So, is the worst yet to come?

Sources: CNBC, Mint

Bill Gates Cryptocurrency Top
Share. Facebook Twitter Telegram Reddit Email
Previous ArticleWhat happens if (or when) Bitcoin falls below $20,000?
Next Article Who is swimming naked? Mark Cuban comments on the crypto market crash
Kostiantyn Tsentsura
  • Facebook

Staff writer at cryptolife.report. Kostiantyn is a Ukrainian journalist who has been covering the science-tech industry for five years. Started his career by writing articles about crypto-mining in Ukraine. Has his own experience in trading some coins. Convinced blockchain adept who thinks that crypto community will save the future of the world economy.


Related

The biggest off-change Bitcoin whale keeps buying BTC

Some lessons you should’ve learned at the current crypto sell-off

02.11.2022
What could kill Bitcoin

What could kill Bitcoin?

21.06.2022
Mark Cuban beleives in crypto

Who is swimming naked? Mark Cuban comments on the crypto market crash

16.06.2022
Add A Comment

Comments are closed.

Highlights
Bitcoin is going as low as $8,000 Cryptocurrency

Bitcoin could go as low as $8,000 pretty soon. There is a reason for that

14.06.2022

Bitcoin is really low now, but it seems to have support at $23K. Analysts warn…

NFT to help Ukraine gain money

AI created the biggest NFT collection to support Ukraine

08.06.2022
Bitcoin vs gold

Bitcoin vs gold. Five reasons why you should prefer crypto during recession

06.06.2022
Wall Street can actually kill crypto market

Wall Street is killing crypto market and there is nothing you can do

27.05.2022
Follow us
  • Facebook
  • Twitter
  • Telegram
  • Reddit
Twitter Reddit
  • Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse

  • About Us
  • Get In Touch
  • T&C
  • Privacy Policy
  • California Notice
сryptolife.report is a media outlet about digital assets and decentralized finance. Our team gathered to build a strong community of crypto enthusiasts who are willing to change the future of the world economy. And the new decision as a decentralized digital economy is already here to come.

© 2023 cryptolife.report

DMCA.com Protection Status

Type above and press Enter to search. Press Esc to cancel.