Not a fan of digital assets, Microsoft boss Bill Gates mocked Bored Apes Yacht Club (BAYC) NFTs as “expensive digital images of monkeys”. Speaking at a climate conference hosted by Tech Crunch, he jokingly said that the monkey NFTs will “improve the world immensely”. Gates believes the digital asset trends are 100% based on the greater fool theory.
He is flabbergasted that investors are making millions and billions of dollars on worthless assets. Gates is used to asset classes like a farm where they have output or a company where they make products. He prefers old-fashioned investing. The billionaire has previously criticized the nature of digital assets.
Last year, he had voiced hesitation about regular investors pushing their fortunes into Bitcoin. Gates believes people, who may not have as much money to spare, get drawn into the madness. He highlighted that the greater-fool theory stipulates that one can still make money off an asset as long as others are willing to pay more. Investors are left with worthless assets when no one is willing to pay a higher price.
Gates has a net worth of $122.1 billion and is the fourth-richest person in the world. He has been very much skeptical about the crypto space. The billionaire highlighted that digital assets have been designed to avoid taxation or avoid government rule.