The co-chairman of the Bill and Melinda Gates Foundation, Bill Gates, bashed crypto and NFTs during a panel session of the World Economic Forum (WEF) in Davos, Switzerland. The yearly Davos gathering of political leaders, top executives and celebrities is held from May 22 to 26 annually.
Billionaire Bill Gates dismissed crypto projects like NFTs as frauds “based on the greater-fool theory” at the event, reviving his past criticisms of digital assets.
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” the billionaire said sarcastically while speaking at an event in Berkeley, California. He explained that he’s neither long nor short on the asset class.
Gates has criticized crypto previously. The billionaire was sparring with Tesla’s CEO, Elon Musk last year over whether Bitcoin is too risky for retail investors and the environmental harm of mining cryptocurrencies.
Also Read: SpaceX to Accept Dogecoin for Merch too Hints Elon Musk.
Gates was speaking as the founder of Breakthrough Energy Ventures, the climate-focused fund which he started in 2015 on Tuesday. Gates explained the difficulty of recruiting Silicon Valley engineers to work in industries such as chemicals and steel production in need of lower greenhouse gas emissions.
Bitcoin fell down over 15% on Monday and another 5.4% on Tuesday. Famous NFT collections, like the Bored Ape Yacht Club (BAYC), are also being bashed by the market currently.
Moreover, Gates defended digital banking efforts supported via his philanthropic foundations, which he defined as “hundreds of times more efficient” than any cryptocurrency.
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