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Bill Gates Called Cryptocurrencies And NFTs A Scam

The popularity of cryptocurrencies and NFT projects is based on the “greater fool” theory, according to Bill Gates. He himself is not ready to participate in such projects and prefers to invest in real projects.

Billionaire and Microsoft founder Bill Gates criticized cryptocurrencies and NFTs at the TechCrunch Sessions event, Tech Crunch reports.

“Obviously, expensive digital images of monkeys will greatly improve the world,” Gates said sarcastically.

Bored Ape Yacht Club – or the Bored Ape Yacht Club – is a collection of NFT tokens from 10 thousand drawings of monkeys issued on the Ethereum blockchain. Monkey images are generated by an algorithm. The owners of the images receive access to the virtual space – the image itself serves as a kind of “pass to the yacht club” – where they can participate in the creation of collective graffiti, as well as use the digital image of the monkey in any way: in films, books, comics, etc. The creator of the collection is Yuga Labs, the project brought the company over $1 billion.

Gates added that he himself is accustomed to relying on assets that produce a real product, like the pharmaceutical industry, which produces chemical substances.

While NFTs and cryptocurrencies are “100%” based on the “greater fool” theory, which implies that an “greater fool” will be willing to pay for an asset bought at too high a price.  “I’m not involved in all these things that are related to anonymity, breaking the rules, lack of regulation, kidnapping … I don’t have any short or long positions,” Gates joked.

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