Bill Gates Backed Cryptocurrency

Bill Gates on Cryptocurrencies and NFTs

Gates' Skepticism

Microsoft co-founder Bill Gates has expressed skepticism about cryptocurrencies and NFTs, saying he thinks they are "100% based on greater fool theory". In a resurfaced interview from February 2021, Gates told Bloomberg that he believes these digital assets are only valuable because people expect to sell them to someone else for a higher price. Gates has never been a fan of Bitcoin or other cryptocurrencies. In 2018, he said that he would short Bitcoin if he could. He has also said that he believes NFTs are "a bubble".

Gates' Reasoning

Gates' skepticism about cryptocurrencies and NFTs is based on the fact that they do not have any intrinsic value. Unlike stocks, which represent ownership in a company, or bonds, which represent a loan to a company, cryptocurrencies and NFTs are not backed by anything. Their value is entirely based on what people are willing to pay for them. Gates has also expressed concerns about the environmental impact of cryptocurrencies. Bitcoin mining, in particular, requires a lot of energy, which has led to concerns about its impact on climate change.

Gates' Conclusion

Gates' conclusion is that cryptocurrencies and NFTs are not a good investment. He believes that they are a bubble that is likely to burst. He has also said that he believes that the underlying technology behind cryptocurrencies, blockchain, is more promising than cryptocurrencies themselves.