Bill Gates doesn’t use half measures to harshly criticize NFTs. According to the founder of Microsoft, in fact, NFTs are based on the Greater Fool Theory. Gates’ statements are being released to TechCrunch. Here are the details regarding Bil Gates’ point of view on NFTs:
Bill Gates doesn’t believe in NFTs
The Greater Fool Theory it is a particular financial theory. According to this theory, it is possible to continue investing in assets (in this case NFTs) even if they are overvalued compared to their real value with the concrete objective of being able to resell them at higher prices. This investment is possible as long as there is some “fool” (literally some stupid) who is willing to buy them. The theory cited by Bill Gates to comment on the value of NFTs is valid until the financial bubble bursts.
Once the bubble bursts, however, assets begin to be sold at reduced prices and the investment depreciates considerably. Note that Gates also stressed that he was wary against any asset “designed to avoid taxation and / or government regulation”. Recall that, in the past, Bill Gates had spoken out against cryptocurrencies and Bitcoin in particular.
The Microsoft founder has always advised to invest in other sectors, always showing a certain skepticism towards cryptocurrencies and NFT. The latest statements to this effect confirm this point of view.