Microsoft founder Bill Gates.
<p>
Microsoft founder billionaire Bill Gates on Tuesday lashed out at cryptocurrency projects such as nonfungible tokens calling them shams &ldquo;based on the greater fool theory&rdquo; on Tuesday.</p>
<p>
The Greater Fool Theory is the idea that, during a market bubble, one can make money by buying overvalued assets and selling them to a :greater fool&rdquo;s who is willing to pay an even higher price. But inevitably the bubble has to burst and prices come crashing down.</p>
<p>
&ldquo;Obviously, expensive digital images of monkeys are going to improve the world immensely,&rdquo; Gates said sarcastically while speaking at a climate conference event in Berkeley, California hosted by TechCrunch.</p>
<p>
The statement came as Bitcoin plunged more than 15% on Monday and another 5.4% onTuesday, part of a broader crypto selloff.&nbsp; Popular NFT collections including the Bored Ape Yacht Club (BAYC) are also being battered.</p>
<p>
Gates has been a strong critic of crypto and taken on Tesla founder Elon Musk on the issue last year over whether Bitcoin is too risky for retail investors. Musk has played a big role in popularising cryptocurrencies.</p>
<p>
<strong>Also read:&nbsp;<a href="https://www.indianarrative.com/economy-news/imf-experts-warn-of-danger-posed-by-cryptocurrencies-134893.html">IMF experts warn of danger posed by cryptocurrencies</a></strong></p>
Noting that India has witnessed an unprecedented transformation in the field of civil aviation in…
Union Commerce and Industry Minister Piyush Goyal held a series of high-level meetings in Paris…
The flood situation in Assam's Sribhumi district is still critical following incessant rainfall and the…
Prime Minister Narendra Modi on Monday held talks with Paraguayan President Santiago Pena at Hyderabad…
The Ministry of Heavy Industries issued detailed guidelines for its electric car manufacturing scheme, first…
The Embassy of Finland in New Delhi has announced the opening of a new Honorary…