More On: btc
According to Microsoft co-founder Bill Gates, crypto projects like NFTs are nothing more than a Ponzi scheme that has no actual impact on the environment.
Bill Gates, the billionaire, has called crypto and related projects like NFTs a sham based on the greater fool theory.
On June 15, he made the remark during a talk at TechCrunch's climate conference. He joked about the Bored Ape Yacht Club:
“Obviously, expensive digital images of monkeys are going to improve the world immensely,”
The greater fool theory is a financial behavior based on crowd psychology that suggests assets can be traded at significantly higher prices than their actual worth when there are enough investors willing to pay for them.
Gates is pro-digitization but anti-crypto.
Gates stated that he is not interested in crypto assets, either long or short term. He prefers asset classes that are tied to a company and the products it manufactures.
During a conversation with Elon Musk, Gates slammed crypto, claiming that it was too risky for retail investors and caused massive environmental damage.
In 2021, Gates explained his aversion to cryptocurrency by claiming that it could lead to tax evasion. He does, however, agree with the benefits of money digitization and supports the idea of central banks rejecting digital currencies.
“I do think moving money into a more digital form and getting transaction costs down, that something the Gates Foundation does in developing countries.
But there we do it so you can reverse the transaction, you have total visibility of who’s doing what, so it’s not about tax avoidance or illegal activity.”
Bitcoin detractors are concerned about the currency's value.
The most prominent critics of cryptocurrencies are Bill Gates, Warren Buffett, and Peter Schiff.
When explaining why they oppose the idea of cryptocurrencies, Buffett and Schiff appear to share the same concerns as Gates. All three figures are concerned about the value of cryptoassets and argue that if investors stop buying, all cryptoassets will become worthless.
Warren Buffett, a well-known investor, claims that cryptocurrencies are worthless because they produce nothing. He says:
"If I had all of the Bitcoin... What else am I going to do with it besides sell it to you?"
He asserts unequivocally that he does not own Bitcoin and will never do so.
Euro Pacific Capital CEO Peter Schiff Peter Schiff, like Gates and Buffett, believes that Bitcoin has no intrinsic value. As a result, Schiff believes that once the crypto hype fades, crypto assets will be worthless.
He says he will only adopt Bitcoin when and if it becomes an everyday currency.
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