Bill Gates says crypto and NFTs are '100% based on greater fool theory'
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Bill Gates is not a fan of cryptocurrencies or non-fungible tokens. The Microsoft co-founder described the phenomenon as something that's "100% based on greater fool theory" Gates joked that "expensive digital images of monkeys" would "improve the world immensely," referring to the much-hyped Bored Ape Yacht Club NFT collection. NFTs are tokens that can't be exchanged for one another. Critics see them as overhyped and potentially harmful to the environment given the energy-intensive nature of cryptocurrencies. Gates: "I'm used to asset classes... like a farm where they have output" Source