IT House reported on June 15 that Microsoft founder Bill Gates once again criticized digital assets at the TechCrunch climate conference on June 14, calling cryptocurrency projects such as NFT a scam “based on the Big Fool Theory.” .

2024/06/2403:49:32 hotcomm 1229

IT House reported on June 15 that Microsoft founder Bill Gates once again criticized digital assets at the TechCrunch climate conference on June 14, calling cryptocurrency projects such as NFT "based on Bosi theory ( greater fool theory)” scam.

While speaking, Gates sarcastically said, “Obviously, expensive digital photos of monkeys will greatly improve the world,” referring to the “Bored Ape” NFT series.

Gates also said that he is neither long nor short this asset class.

Gates has criticized cryptocurrencies before, arguing with Tesla CEO Elon Musk last year over whether Bitcoin was too risky for retail investors and the environmental harm of mining it.

IT House learned that on June 13, Bitcoin plummeted by more than 15%. Bitcoin fell 5.4% to $21,991.89 on June 14, its lowest closing price since December 16, 2020. Currently, Bitcoin price is trading at $21,863.90.

Note:

Greater Fool Theory refers to the fact that in capital markets (such as stocks and futures markets), 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 would have bought it from them for a higher price. The most important truth that the Boss Theory tells people is: In this world, it is not scary to be stupid , but the scary thing is to be the last fool .

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