Microsoft founder Bill Gates once again criticized cryptoassets at a public event on Tuesday, calling NFTs a scam based on a “Boy fool theory.”
“Boy fool theory” means that in the capital market, people will be willing to pay a high price for a commodity regardless of its true value, because they expect a fool to take over at a higher price.
“Obviously, expensive digital images of monkeys will greatly improve the world,” Bill Gates quipped at Techcrunch’s “Climate 2022” seminar.
Bill Gates said he is neither buying nor shorting the asset class. At the same time, he also stated that digital banking is “hundreds of times more efficient” than cryptocurrencies.
This is not the first time Bill Gates has publicly criticized cryptocurrencies. He pointed out last month that he neither invests nor owns cryptocurrencies because they do not contribute to society.
Bill Gates also said in February last year that he has never liked Bitcoin because mining consumes a lot of electricity resources, which in turn harms the environment. In addition, he also warned investors that if the financial resources are not as strong as Elon Musk’s (Elon Musk), then the speculation of coins should be more discretionary.
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