Bill Gates says crypto, NFTs as based on 'greater-fool' theory

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Billionaire Bill Gates dismissed cryptocurrency projects such as nonfungible tokens as shams “based on the greater-fool theory”

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At a climate conference Tuesday, reviving past criticisms of digital assets

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“Obviously, expensive digital images of monkeys are going to improve the world immensely,” quipped Gates, referring to the flagship NFT project, Bored Ape Yacht Club.

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Gates’ warnings about volatility were spot on. When he was speaking in 2021, Bitcoin was surging in price

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The price of Bitcoin has crashed once again, and at the time of writing is trading just above $20,000. This dramatic fall is part of a wider set of convulsions rocking the crypto world.

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Similarly, prices for NFTs have also fallen sharply. Some of the biggest projects, like the aforementioned Bored Ape Yacht Club, have more than halved in value.

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