Bill Gates has dismissed cryptocurrencies and NFTs as registered digital images, even when copied thousands of times, calling them nonsense. During a TechCrunch conference, the Microsoft co founder stated that both trends rely on a questionable premise: the belief that investors can profit from merely a third party willing to pay more for a worthless asset.
While the talk touched on climate concerns, the American entrepreneur and philanthropist used the moment to critique virtual currencies and immutable tokens that have gained traction in recent years. He ridiculed the Bored Ape Yacht Club, a popular NFT collection often associated with celebrities like Justin Bieber and Paris Hilton, and suggested that expensive digital images of monkeys are unlikely to improve the world.
Gates’s remarks come at a rocky time for the crypto market. Bitcoin and Ethereum, the two most widely known digital currencies, have faced a prolonged downturn. The price slide has come after a wave of trouble including the collapse of other tokens such as Terra and Luna and the failure of crypto trading platforms like Celsius Network. From a peak near 69,000 dollars in November, Bitcoin has fallen to around 19,800 dollars. The broader market downturn has led to layoffs at major exchange platforms, with Coinbase announcing significant job cuts.
Gates maintains that cryptocurrencies and NFTs represent assets with little intrinsic value. He contrasted them with traditional asset classes such as agriculture or a business that produces goods, emphasizing a preference for tangible, value-generating investments.