Bill Gates questions the value of NFTs

Microsoft founder Bill Gates called non-fungible tokens a scam, “based on the greater fool theory, according to Bloomberg.

At a TechCrunch-organized conference in California, the billionaire sarcastically said:

“Obviously, expensive digital images of monkeys massively improve the world.”

He added that he has no positions in this asset class.

Gates allegedly hinted at the popular NFT collection Bored Ape Yacht Club from the Yuga Labs team.

Earlier Gates urged potential investors not to follow Tesla’s example, which invested $1.5 billion in Bitcoin. He also noted the negative impact of mining the first cryptocurrency on climate change.

At the event, Gates participated as founder of the Breakthrough Energy Ventures climate fund. He noted the difficulty of hiring experts from Silicon Valley to work in industries such as chemical and metallurgical sectors, which require reducing carbon emissions.

The billionaire also called digital banking, which he supports through his philanthropic foundations, “hundreds of times more efficient” than cryptocurrencies.

Earlier in May, Gates said he had not invested in digital assets, as they have no value.

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