Bill Gates Criticizes CryptoCurrencies and NFT Tokens at a Climate Conference

Bill Gates recently dismissed cryptocurrency projects such as NFT tokens as frauds at a climate conference on Tuesday, reawakening past disfavor of these digital assets. He criticizes both Cryptos and NFT Tokens by stating that both notions are based on the greater fool theory.

Also Read, BAYC NFTs, down as Crypto Market Sinks Further

Bill Gates Remarks on NFTs & Cryptocurrencies


Bill Gates while communicating at an event in Berkeley, California Sarcastically remarks: Obviously, expensive digital images of monkeys are going to improve the world immensely. In addition, Gates also said he is neither long nor short of the acquisition class.

The Billionaire has slammed crypto before, sparring with Elon Musk last year over whether Bitcoin is too dangerous for retail investors and the environmental liability of mining coins. Talking on Tuesday as the founder of Breakthrough Energy Ventures, the climate-focused fund he began in 2015, Bill Gates reported the quandary of compelling Silicon Valley engineers to operate in industries like chemicals and steel production in the market of lower greenhouse gas emissions.

Bitcoin dropped more than 15% Monday and another 5.4% Tuesday, part of a wider crypto sell-off fueled by higher than forecast US inflation and the suspension of withdrawals by a lending platform Celsius. Popular NFT collections, including the celebrity-endorsed Bored Ape Yacht Club (BAYC), are also being bashed hard.

Check out, the Best Upcoming NFT Collections in 2022

Gates also supported digital banking efforts he has helped through his philanthropic foundations, which he represented as “hundreds of times more efficient” than cryptocurrencies.

lastly, it’s important to note that Michael Bloomberg, the founder of Bloomberg LP is a supporter of Bill Gates’s Breakthrough Energy Ventures.

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