Those digital asset trends are “100% based on greater fool theory,” the Microsoft co-founder said Tuesday at a TechCrunch conference, referencing the notion that investors can make money on worthless or overvalued assets as long as people are willing to bid them higher.<\/p>\n
Gates added that he’s “not long or short” crypto. And he mocked Bored Apes NFTs<\/a>, joking that “expensive digital images of monkeys” will “improve the world immensely.”<\/p>\n Instead, Gates said he prefers old fashioned investing.<\/p>\n “I’m used to asset classes, like a farm where they have output, or like a company where they make products,” he said.<\/p>\n His comments come as bitcoin and other cryptocurrencies are crashing. Bitcoin hit an all-time high of $69,000 in November 2021. Since then, the world’s most valuable cryptocurrency has lost two-thirds of its value, tumbling below $23,000 on Tuesday. It has lost about 25% of its value since Friday.<\/p>\n Crypto exchange Coinbase announced that it’s laying off 18% of its employees as the digital currency market continues to crumble.<\/p>\n Gates has previously doubted crypto. In a 2021 interview with Bloomberg<\/a>, Gates said that it was one thing for Elon Musk and Tesla to invest in bitcoin, but that doesn’t mean average investors should follow that lead.<\/p>\n “I do think people get bought into these manias, who may not have as much money to spare,” Gates said. “So I’m not bullish on bitcoin.”<\/p>\n","protected":false},"excerpt":{"rendered":"