Microsoft Corporation co-founder Bill Gates revived his stance on cryptocurrencies or non-fungible tokens (NFTs) on Tuesday, further clarifying prior remarks on why he doesn’t own any form of digital currencies.
Speaking at a TechCrunch talk on climate change on June 14, the business magnate described the asset class as 100 percent “based on the greater fool theory,” adding that he prefers to invest in assets with tangible outputs.
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates told the session jokingly, sarcastically referring to the Bored Ape Yacht Club NFT collection (BAYC), which has well over 6,000 holders and also attracted celebrity endorsements, including singer Madonna, who acquired her own NFT earlier this year….