Bill Gates is no fan of non-fungible tokens (NFTs) and cryptocurrencies, which are two of the emerging digital assets these days.
The philanthropist and founder of Microsoft, Gates, recently slammed NFTs during a Tech Crunch conference. The billionaire also sarcastically spoke about the massive NFT collection, Bored Ape Yacht Club.
Microsoft co-founder Bill Gates speaks at the Economic Club of Washington's summer luncheon in Washington, DC, on June 24, 2019.
Gates went on to explain why he is not into NFTs and cryptos during the climate event of Tech Crunch.
Bill Gates on NFTs
Based on the previous hot takes of Gates against cryptos, it should highly suggest that the Microsoft co-founder is not sold on one of the hottest trends out there, NFTs.
After all, as per a news story by CNN, Gates revealed that he favors a more traditional sense of investing.
The billionaire says that he prefers to invest in farming, which, he says, are asset classes that have output - like a company selling products.
Aside from Gates' obvious liking for old-school investing, he also explained why he is skipping the NFT and crypto trend.
NEW YORK, NEW YORK - NOVEMBER 06: Bill Gates, Co-Chair, Bill & Melinda Gates Foundation speaks onstage at 2019 New York Times Dealbook on November 06, 2019 in New York City.
The Microsoft founder states that these speculative digital assets are "based on greater fool theory."
Why Gates is Not an NFT, Crypto Fan
According to a recent report by CNET, Gates was trying to say that NFTs, as well as cryptos, are overvalued assets. And for investors to profit from them, the billionaire says there should be another person out there willing to pay a more hefty price tag.
If what Gates said was still unclear, he said it straight during the conference: "I'm not involved in that," pertaining to NFTs and cryptos. He also clarified that "I'm not long or short in any of those things."
CNN notes that the business magnate and investor blurted out his hot takes on NFTs while the value of Bitcoin and other top cryptos crashed. The most valued cryptocurrency now only costs roughly $23,000, as of writing.
It might be a bit lower by the time you are reading this - or higher. The news outlet also highlights that Bitcoin lost 25% of its value after nearly a week of sinking.
Previously, Gates expressed his two cents on Bitcoin, pointing out its extreme volatility.
Read Also: Bill Gates Says Cryptocurrency Isn't "Adding to Society" in Latest AMA
Bill Gates and Bored Ape
Aside from taking a swipe at NFTs in general, Gates also spoke about the Bored Ape Yacht Club.
LONDON, ENGLAND - OCTOBER 19: Bill Gates speaks during the Global Investment Summit at the Science Museum on October 19, 2021 in London, England.
Gates quips that the hefty-priced virtual photos of monkeys could make the world a better place.
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