Bill Gates puts NFTs on blast as ‘shams’ | CryptoSlate

CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Billionaire Bill Gates criticized crypto and related projects such as NFTs as shams based on the greater fool theory.

He made the comment during a talk at the climate conference hosted by TechCrunch on June 15. Referring to the Bored Ape Yacht Club, he joked:

“Obviously, expensive digital images of monkeys are going to improve the world immensely,”

The greater fool theory is a financial behavior based on crowd psychology that suggests assets can be traded at a significantly higher price than their actual worth when enough investors are willing to pay for them.

How To Get Free Crypto  

Gates is pro digitalization, but con-crypto

Gates said he’s not involved in crypto assets in the long or short term. Instead, he prefers asset classes that are bound to a company and the products it makes.

During a discussion with Elon Musk, Gates criticized crypto before saying that Bitcoin was too risky for retail investors and caused immense environmental damage.

In 2021, Gates explained why he was against crypto by saying it could lead to tax evasion. However, he does agree with the benefits of the digitalization of money and supports the idea of central banks ruling out their digital currencies.

Gates said:

“I do think moving money into a more digital form and getting transaction costs down, that something the Gates Foundation does in developing countries.

But there we do it so you can reverse the transaction, you have total visibility of who’s doing what, so it’s not about tax avoidance or illegal activity.”

Bitcoin critics worry about the value

Bill Gates, Warren Buffett, and Peter Schiff are the most prominent figures who criticize cryptocurrencies.

Buffett and Schiff also seem to share the same worries as Gates when they explain why they reject the idea of cryptocurrencies. All three figures worry about the value of cryptoassets and argue that once the investors stop buying, all cryptoassets will be worthless.

Coinbase Banner  

Warren Buffett

Famous investor Warren Buffett argues that cryptocurrencies are worthless because they don’t produce anything. He says:

“If I have all the Bitcoin… what am I going to do with it except sell it back to you?”

He confidently says he doesn’t own any Bitcoin and never will.

Peter Schiff

CEO of Euro Pacific Capital Peter Schiff also agrees with Gates and Buffett saying that Bitcoin does not have a value on its own. Therefore, Schiff believes crypto assets will be worthless once the crypto hype goes away.

He says he will only adopt Bitcoin when and if it becomes an everyday currency.

Go to Source
Author: Zeynep Geylan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.