NFTs are "100% based on stupid theory," Gates said. Means buying overvalued assets in the financial industry, hoping that they can be resold at even higher prices to someone who is stupid than you.
Bill Gates, co-founder of microsoft, refused to invest in cryptocurrencies and NFTs, claiming that the digital asset market was driven primarily by speculation.
Gates said he prefers to invest in organizations that produce tangible things, such as farms and factories, and has no interest in cryptocurrencies or NFTs.
Gates responded to the question of whether he owns Bitcoin: "I don't own it. I like to invest in things that deliver valuable results."
Cryptocurrencies fell sharply this week. Bitcoin last traded at $20,107 on Wednesday, down 7% in the past 24 hours. Bitcoin already lost more than half its value in 2022.
He also slammed cryptocurrencies for their negative impact on the environment, as it accounts for a large portion of the world's energy consumption.
In 2021, cryptocurrency mining will account for 0.5% of global electricity consumption and that is also a big problem.