Bill Gates is not very fond of NFTs and, in a way, recent interviewdescribed them as something that is “100 percent based on the craziest theory.”
If you’re not familiar with this concept, the “craziest” theory holds that even overvalued financial assets can make money. As long as you can find someone crazier to sell them.
Gates prefers to invest in assets with tangible results, such as farms or factories, “or a company where they manufacture products”.
“Obviously expensive digital images of monkeys will improve the world a lot”Gates joked, referring to the NFT’s flagship project, the Bored Ape Yacht Club.
This is not the first time that Gates has expressed skepticism towards cryptocurrencies. In the past, he has warned about the dangers of investing in Bitcoin, especially when the value of the cryptocurrency is so volatile that it can go under with just a tweet from a prominent investor like Elon Musk.
“I think people get carried away by these fads and may not have as much money left over”Gates said in 2021. “My general rabbit would be that if you have less money than Elon, you should probably be careful.”