NFT One Hundred Percent Foolish Intelligence: Bill Gates called non-fungible tokens (NFTs) “100 percent stupid.” At the same time, the world’s once richest man has doubts about its future.
Bill Gates made the remarks at a climate change event hosted by technology site TechCrunch. “It’s a financial theory where you can make money from it only if you can sell it to a bigger idiot,” he said at the event. Gates said he feels more comfortable investing in real-world assets in firms, factories, or organizations where products are made, and the NFT has no place.
“I am not involved. I’m not even close to that. “Bill Gates
The NFT’s assertion that its assets were created to evade “tax evasion” or “government policy” indicates that. “Of course, expensive digital images of monkeys will make a huge difference in the world,” he said, referring to the NFT’s flagship project, the Board App Yacht Club.
This is not the first time Gates has expressed skepticism about cryptocurrencies.
He also expressed concern about investors buying Bitcoin in February 2021. Especially when the price of the cryptocurrency was so volatile that a prominent investor like Mask feared it would disappear based on a tweet.
“I think those people are spending on this ‘madness’ who can’t find a place to spend.” – Gates said in 2021.
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“My general idea is that if you have less property than Elon, you may have to keep an eye on it.”
Bill Gates’ warning about price volatility was then entirely accurate. When he talked about it in 2021, the price of Bitcoin gradually increased, and in April of that year, its price went up to 63 thousand dollars.
Soon the price of Bitcoin plummeted. However, the price rose again to 64 thousand dollars last November. After that, Bitcoin fell again. At the time of writing, Verge’s current price is a little over 20,000.