Bill Gates "fired" again in the field of virtual assets-cryptocurrency and NFT.
Billionaire Bill Gates on Tuesday dismissed cryptocurrency projects such as NFT as "scams based on bo fool theory" at an event hosted by TechCrunch in Berkeley, California, reiterating his past criticism of digital Criticisms of the asset:
Apparently expensive digital photos of monkeys will "improve" the world tremendously.
"Boss Fool Theory" means that in the capital market, the reason why people are willing to pay a high price to buy something regardless of its true value is because they expect that there will be a bigger fool who will pay a higher price from them. Buy it away, that is, "It's not terrible to be stupid. The terrible thing is to be the last fool."
Bill Gates, who has criticized cryptocurrencies several times before, said he is neither bullish nor bearish on the asset class.
Last year, he argued with Tesla CEO Elon Musk about whether Bitcoin is too risky for retail investors and the environmental harm of Bitcoin mining.
In May, Bill Gates also said that he does not invest in any cryptocurrencies, because he likes to invest in things that "have a valuable output" and cryptocurrencies "do not contribute to society":
I do not invest in any cryptocurrencies. currency. I like investing in things that produce valuable results. A company's value is based on how they make great products.
The value of a cryptocurrency is just something that other people have decided others will pay for, so it doesn't contribute to society like other investments.
Bill Gates has also warned those investing in cryptocurrencies to "be wary" of the craze for investing in cryptocurrencies, especially those not as wealthy as Musk:
I do think people get caught up in these crazes that they may not There's so much idle money that I'm not bullish on Bitcoin, and my general thought is that if you have less money than Musk, you should be careful.
He also slammed cryptocurrencies for their negative impact on the environment, as it accounts for a large portion of the world’s energy consumption. In 2021, cryptocurrency mining accounted for 0.5% of global electricity consumption.
Bill Gates, founder of the climate-focused fund Breakthrough Energy Ventures, which he founded in 2015, spoke on Tuesday about the need to reduce greenhouse gas emissions in the It is very difficult to recruit Silicon Valley engineers in industries such as chemical industry and steel production. He also defended digital banking efforts backed through philanthropic foundations, saying they are "hundreds of times more efficient" than cryptocurrencies.
Since May this year, the price of Bitcoin has plummeted, and as of now, the price is approaching the $20,000 mark. Experts say Bitcoin prices may continue to fall significantly.
Popular NFT collections, including the celebrity-favored Boring Ape Yacht Club (BAYC), have also been hit hard.
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This article does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, views or conclusions in this article are appropriate to their particular circumstances. The market is risky, investment needs to be prudent, and please make independent judgments and decisions.
You know it’s a scam, but there are still so many people trying to play it?
