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

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

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

“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.

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

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.

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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