Billionaire Microsoft co-founder Bill Gates has dismissed investments in cryptocurrencies and អិនអេហ្វអេស, arguing that the digital assets market is largely driven by speculation.
“As an asset class, it’s 100% based on the greater fool theory—that somebody’s going to pay more for it than I do,” Gates said during the TechCrunch Sessions: Climate 2022 សន្និសីទនៅថ្ងៃអង្គារ។
The greater fool theory refers to the idea that one can make money by investing into overvalued assets and selling them for a profit later, because there will always be someone else who will come along and pay a higher price.
Gates also hit out at people willing to spend huge amounts of money on NFTs, casting doubt on their true value as an investment.
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically, in a reference to the popular ក្លឹបអាំយ៉កធេតធុញ (BAYC) NFT collection that attracted billions of dollars and ការយល់ព្រមដ៏ល្បីល្បាញ.
Amid the ongoing crypto crash, the floor price of Bored Ape Yacht Club NFTs dropped ក្រោម ៩.១០០ ដុល្លារ for the first time in almost a year yesterday, from an ខ្ពស់គ្រប់ពេលគឺជិត 429,000 ដុល្លារ (152 ETH) on April 29. Currently, the floor price for the collection sits at around $83,000 (76 ETH), according to តម្លៃ NFT ជាន់.
Watching from the outside
ទន្ទឹមនឹងនេះដែរ តម្លៃនៃ Bitcoin, the industry’s largest cryptocurrency, fell to គ្រាន់តែជាង $ 20,000 ប៉ុណ្ណោះ on Wednesday, posting a loss of more than 55% since the start of the year.
While many investors are understandably jittery over the latest events in the market, Gates stressed that he’s not involved in cryptocurrencies in any way.
“I’m not long or short any of those things,” said the billionaire entrepreneur.
This is not the first time the Microsoft co-founder has weighed in on cryptocurrencies.
Last month, during an វគ្គសួរ - ខ្ញុំ - អ្វីទាំងអស់ on Reddit, Gates said he doesn’t own any crypto because he prefers 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,” he said at the time.
In February 2021, the philanthropist once again said he didn’t own any Bitcoin as—unable to predict how the markets will behave—he chose to take “a neutral view” on crypto.
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Source: https://decrypt.co/102973/bill-gates-crypto-and-nfts-100-based-on-greater-fool-theory