June 16, 2022 · less than 3 min read
The Microsoft founder described the phenomenon as something that’s “100% based on the greater fool theory”.
Fool me once
There are plenty of defenders of crypto, even in the wake of the enormous crash that has recently shaken the market to its very core. But when one of the world’s richest dudes is talking smack, most people’s ears are going to prick up and listen.
Speaking at a TechCrunch talk on climate change, Gates wasn’t shy about talking trash on crypto. He made reference to the greater fool theory, which suggests that overvalued assets will rise in value when there are enough investors willing to pay for them. Sound about right?
After a tongue-in-cheek dig that “expensive digital images of monkeys” would “improve the world immensely”, it left little to the imagination on Gates’ stance on crypto. It’s not the first time he’s taken this line either, having exchanged blows with Elon Musk over the risks of Bitcoin and the environmental harm of mining coins.
Of course, Gates isn’t averse to the new digital future that many investors are beginning to embrace. He’s all for the metaverse, and has made bold predictions on how it will change the face of work. As for crypto though – Bill just isn’t buying it. And with Bitcoin’s value having halved since the start of the year, it seems he’s not alone.
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