'I do think people get bought into these manias.' 9News
Those digital asset trends are "100 per cent based on greater fool theory," the Microsoft co-founder said on Tuesday at a TechCrunch conference, referencing the notion that investors can make money on worthless or overvalued assets as long as people are willing to bid them higher.
Gates added said he's "not long or short" crypto and mocked Bored Apes NFTs, joking that "expensive digital images of monkeys" will "improve the world immensely".Instead, Gates said he prefers old-fashioned investing. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," he said.Bitcoin hit an all-time high of $69,000 in November 2021.It has lost about 25 per cent of its value since Friday.This Bored Ape Yacht Club NFT was accidentally sold for a fraction of its intended price.
Crypto exchange Coinbase announced it's laying off 18 per cent of its employees as the digital currency market continues to crumble., Gates said it was one thing for Elon Musk and Tesla to invest in Bitcoin, but that doesn't mean average investors should follow that lead."I do think people get bought into these manias, who may not have as much money to spare," Gates said.
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