March 28, 2024

Bill Gates questioned the value of NFTs

Bill Gates questioned the value of NFTs

Microsoft founder Bill Gates calls non-fungible tokens a scam based on the theory of morefool», Bloomberg reports.

During a TechCrunch-hosted conference in California, the billionaire quipped:

«Obviously, expensive digital images of monkeys improve the world immeasurably».

He added that he does not have any positions in this asset class.

Presumably, in the quote, Gates alluded to the popular Bored Ape Yacht Club NFT collection from the Yuga Labs team.

Bill Gates questioned the value of NFTs

Bill Gates questioned the value of NFTs

Rating of NFT collections by trading volume over seven days. Data: OpenSea.

Earlier, Gates urged potential investors not to follow the example of Tesla, which invested $1.5 billion in bitcoin. He also noted the negative impact of mining the first cryptocurrency on climate change.

Gates participated in the event asfounder of the climate fund Breakthrough Energy Ventures. He noted the difficulty of hiring specialists from Silicon Valley to work in industries such as the chemical and steel industries, which need to reduce carbon emissions.

The billionaire also called digital banking, which he supports through his charitable foundations, “hundreds of times more effective” than cryptocurrencies.

Recall that in May, Gates said that he did not invest in digital assets, since they have no value.