What Bill Gates Really Thinks About NFTs
Bill Gates has a lot to say about what he thinks of NFTs and cryptocurrencies.
Billionaire Bill Gates has been one of the most forward-thinking technology developers of the last century. Heck, he wants to end world hunger after all. But what many people want to know is what Gates thinks about the ever-changing landscape of modern tech, especially with cryptocurrencies.
For many, crypto and NFT Marketplace Development are the business practice of the future, but Gates disagrees. He stated that the entire concept is based on a “fool theory,” where entrepreneurs can sell any asset based on its assumed value by other buyers.
Bill Gates recently spoke at an event about climate change where he discussed modern technology and the American market. During the answering portion, where he disclosed his investment practice, he elaborated on his thoughts about NFTs and cryptocurrency. Gates stated his preference for investing in companies with tangible outputs, including farms, factories, and other manufacturing facilities. He then turned his attention to NFTs, saying he would avoid investing in those due to his concern for intangible items that avoid government regulation. He also made jokes about how digital monkey images would “improve the world immensely,” sarcastically praising the notorious NFT artwork.
For those who’ve been following Bill Gates, he has made remarks over the years regarding his skepticism of crypto and NFTs. In 2021, Gates stated his disinterest in Bitcoin, primarily due to its fluctuation probability. As we’re seeing today with Bitcoin’s devaluation, many different factors can easily tank the value of crypto, including innocuous ones like big investors tweeting against it. For many who don’t have much money to spend, crypto is a hopeful venture that can easily triple one’s investments. But that hope is slowly dwindling as most cryptocurrency values have plummeted over the past six months.
Though Gates was making assumptions about NFT and cryptocurrencies’ inevitable downfall, Bitcoin was trading at an all-time high when he made those comments. Unfortunately for Bitcoin investors, Bill Gates was right about the volatility and riskiness of cryptocurrency. Bitcoin is trading at almost 70% lower than it was at its peak, while other cryptocurrencies are slowly declining alongside it. After the Celsius Network, a major crypto trading platform, postponed withdrawals and currency trading led various virtual coins to value depreciation. Many individuals have been pulling out of their crypto investments with no sign of stabilization.
Even NFTs have received the financial impact of the ongoing market volatility. Certain NFTs, like the Bored Ape Yacht Club, are currently highly expensive but are valued at way less than they were months ago. In April, the cheapest BAYC was worth 152 Ether, roughly $429,000. Two months later, the same NFT’s value was slashed immensely, now costing 75 Ether or $91,917. Though these NFTs have dropped monetarily, trading has increased for popular tokens by 50%. Specific trading platforms like OpenSea have had the highest traffic days in months, jumping more than 173% in a single day.
Bill Gates’s role is mainly as a businessman and software developer, but his thoughts on crypto and NFTs aren’t farfetched. His understanding of cryptocurrency as a volatile, precarious asset has been proven true. With virtual money like Bitcoin depreciating in value continuously, many people’s hope for the crypto market is widely diminishing.
