Categories: Economy

Billionaire Bill Gates says cryptocurrencies are shams based on ‘greater fool theory’

<p>
Microsoft founder billionaire Bill Gates on Tuesday lashed out at cryptocurrency projects such as nonfungible tokens calling them shams “based on the greater fool theory” 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”s who is willing to pay an even higher price. But inevitably the bubble has to burst and prices come crashing down.</p>
<p>
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” 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.  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: <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>

IN Bureau

Recent Posts

MEA condemns Canada’s “baseless references” against Home Minister Amit Shah

The Ministry of External Affairs (MEA) on Saturday strongly protested against recent allegations made by…

5 hours ago

“Verification patrolling has commenced… in Demchok and Depsang”: MEA on disengagement between India and China

The Ministry of External Affairs on Saturday said that verification patrolling has commenced in Demchok…

7 hours ago

“Sanctioned companies not in violation of Indian law,” says MEA after US sanctions 19 Indian companies

The Ministry of External Affairs on Saturday reacted to the recent U.S. sanctions imposed on…

7 hours ago

Two terrorists killed in encounter with security forces in J-K’s Anantnag

Two terrorists were killed by security forces during an encounter in Jammu and Kashmir's Anantnag…

9 hours ago

“Not an issue of security lapses, security forces giving befitting reply”: Rajnath Singh on J-K terror attacks

Terming the recent terror attacks in Jammu and Kashmir as "unfortunate", Union Defence Minister Rajnath…

10 hours ago

Nasirabad: BYC holds demonstrations against enforced disappearances by Pakistan’s forces

The Baloch Yakjehti Committee (BYC) held demonstrations against the ongoing enforced disappearances by the Pakistan…

13 hours ago