Bill Gates blasts cryptocurrency and NFTs, again, calls them '100% based on greater fool...

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midian182

Posts: 8,041   +89
Staff member
Big quote: It's no secret that Bill Gates is not a fan of cryptocurrencies or NFTs, but just in case his feelings weren't clear enough, he recently denounced them as an asset class "100% based on greater fool theory"—the idea that people can make money through the purchase of overvalued assets when others are willing to pay a higher price later.

Gates made his comments at an event on climate change hosted by TechCrunch in Berkeley, California. "Obviously, expensive digital images of monkeys are going to improve the world immensely," Gates said, referring to the popular and expensive Bored Ape Yacht Club NFTs and the many other similar, simian-based images for sale.

Gates echoed the statements of fellow billionaire and crypto/NFT-hater Warren Buffett in saying he prefers investments with tangible outputs, such as farms and companies that make products. Berkshire Hathaway CEO/Chairman Buffett recently said he would pay $25 billion for a 1% interest in all the farmland in the United States but wouldn't pay $25 for all the Bitcoin in the world.

The former Microsoft boss once again highlighted the anonymity associated with cryptocurrency that makes it appealing to criminals. During a Reddit AMA in 2018, he said crypto is being used to buy drugs, making it a rare technology that has caused deaths in a fairly direct way. He also warned in 2021 that regular investors should be more aware of crypto's volatile price and shouldn't invest based on tweets from the likes of Elon Musk.

"My general thought would be that if you have less money than Elon, you should probably watch out," Gates said. Given that BTC has fallen from a high of almost $64,000 last year to just over $20,000 today, it seems those who invested heavily back then might be wishing they'd heeded his advice.

It's often been said that crypto-love among billionaires is a generational thing. Fifty-year-old Elon Musk is a huge fan who constantly tweets about the likes of Dogecoin, while 66-year-old Gates is in the opposite camp. Ninety-one-year-old Buffett hates it, and his 98-year-old business partner Charlie Munger called it a "venereal disease" that should be banned.

Gates was in the news last week after calling for the creation of a $1 billion per year GERM team to deal with the next pandemic. He also criticized the US government's handling of the pandemic, claiming the country's death rate would have been minimal if it had scaled up its ability to perform diagnostics and enforce quarantines.

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Considering the absolute collapse in the cryptocurrency market, he has every single inch he needs to make his case.

The market conditions that allowed crypto to grow to its highs don't exist anymore.

The market conditions that allowed crypto to grow to its highs will probably never exist again.

Low interest rates, easy money in the form of stimulus welfare checks. A population with plenty of disposable income with low energy fees - which suddenly turned into high energy, high food and high fuel costs...

Crypto is probably never going to get the "faith" needed to return to glory.

It's game over.
 

Dsirius

Posts: 148   +251
Backing Bill Gates and justifying in any way a friend of pedophile Epstein is just pathetic. Bill gates is more of an expert in pedophilia than any other fields. Even more, do you know that Bill Gates asked Epstein support (read gave him a lot of money) to persuade some Nobel Prize jury members, being "good" friends of Epstein, so he could be nominalized for Peace Nobel Prize? This kind of delusional grandomania Bill Gates has.
 

psycros

Posts: 4,260   +6,091
Gates is the biggest phony on Earth, pretending to be an altruist when 99% of everything he's "given" away was a tax write-off or actually paid for by taxpayers. He uses unsuspecting third world guinea pigs to test experimental drugs that he makes billions from.
 

Eflow

Posts: 47   +94
Crypto fans can't currently make any meaningful arguments to support their investments, so they resort to character assassination of Mr. Gates.

I wonder if we'll see another pump-and-dump cycle of cryptos over the next 18 months? There are only so many "greater fools" out there.
 

wiyosaya

Posts: 7,845   +6,829
Bill and his completely misguided thinking. He needs to go back to computers and stop telling us "Bill knows best".
Ordinarily, I would agree with you, but in this case, even the village fool is able to see this so that it's coming from Gates is nothing extraordinary - IMO.

I could also argue that the problem with people like Gates and Musk lies with the people that listen to them.
 

Bullwinkle M

Posts: 709   +601
Totally agree with Bill
No, you agree with ME!
and so does Bill Gates

THAT should be the story
Why is that not the story?

Why is THIS story even here?
Why must everyone hear and smell every Bill Gates brainfart as if it was "HIS" original idea?

Has he ever had an original idea?
Make that the story
 

Bullwinkle M

Posts: 709   +601
I think crypto schemes are bad

Make that a story

I think NFT schemes are bad

Make that a story

In fact, Techspot and every other media Company on the planet should have a separate story for every single thought I have and you should all tell the World how great I am for each and every thought

If you do, then I could be insanely rich and run a Monopoly, just like Bill

If not, then you are engaged in criminal discrimination

Ponder that for the amount of time you spent on this story

NOW MAKE ME YOUR GOD!

cretins
 

PEnnn

Posts: 806   +945
Brainwashed by the lies of the rich much? NONE of them have your interests at heart. They only seek to keep their money and power at all costs. That's why most of them are democrats, it's the best chance at keeping money and power.

Funny you mentioned that.

Because one of those super rich billionaires happen to be a republican ex-president who is using every dirty lie and trick to regain his lost throne and his power AND keep his money scams!

And it just happens that he's being helped by other fellow republican billionaires....

Some people just love to wear blinders and waste bandwidth on nonsense.
 

Mithan

Posts: 131   +146
Considering the absolute collapse in the cryptocurrency market, he has every single inch he needs to make his case.

The market conditions that allowed crypto to grow to its highs don't exist anymore.

The market conditions that allowed crypto to grow to its highs will probably never exist again.

Low interest rates, easy money in the form of stimulus welfare checks. A population with plenty of disposable income with low energy fees - which suddenly turned into high energy, high food and high fuel costs...

Crypto is probably never going to get the "faith" needed to return to glory.

It's game over.

Agreed. Cheap interest rates lead to this. Same with Housing.

Wait for todays .75% rate hike.

Crypto = done.
 
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