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Tuesday, October 3, 2023

Bill Gates Criticizes Cryptocurrency, Calls Them Fake

Bill Gates, the founder of Microsoft and the fourth richest man on earth, has once again criticized cryptocurrencies.
He called cryptocurrency projects such as Non-Fungible Tokens (NFT) fake, saying it is based solely on the Greater Fool Theory.

This is not the first time he has criticized cryptocurrencies. Last year, he had a dispute with Tesla CEO Elon Musk on this issue.
At a climate conference in Barclay, California, Gates joked that the world will improve a lot with expensive photos of monkeys. These are of no use. One can neither invest in the long term or short term.

In the past, Gates has criticized cryptocurrencies. Bitcoin comes with a lot of risk for retail investors, and mining it also harms the environment. Musk did not agree with his point.

Gates’ statement comes at a time when bitcoin, the world’s largest, most popular, and oldest cryptocurrency, has experienced a massive drop. It fell more than 15 per cent on Monday, while it fell 5.4 per cent on Tuesday as well.
The price of bitcoin has fallen by more than eight percent today, according to crypto exchange WazirX. Its price has come down to 21 thousand dollars. Rising inflation in the US has affected the price of cryptocurrencies.

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