Bill Gates considers crypto and NFT as ‘stupid theory’
Microsoft’s founder and billionaire Bill Gates, one of the top software companies, has termed crypto projects like Non-Fungible Token (NFT) as a forgery. He says that it is based on the ‘theory of making fools’. Gates’ remarks may raise apprehensions about digital assets.
One related to the climate in California, USA conference Making a mockery of digital assets in the US, Gates said, “Surely, expensive digital images of monkeys will improve the world a lot.” Gates said that he does not buy or sell anything in this asset class. Even before this, Gates has condemned crypto. He also had an argument last year with Elon Musk, the head of electric car maker Tesla, over the high risk in bitcoin and the damage to the environment from crypto mining. Gates started the climate-focused fund Breakthrough Energy Ventures a few years ago. Gates said it is difficult to hire Silicon Valley engineers in industries like chemicals and steel to reduce carbon emissions.
Bitcoin has been on a steep decline since the beginning of this week due to rising inflation in the US and financial difficulties for some large crypto firms. The fall in the crypto market has also affected popular NFT collections such as Bored Ape Yacht Club (BAYC). Gates said that digital banking needs to be promoted. He described digital banking as many times efficient than cryptocurrencies.
Recently, the crypto lending firm Celsius Network has imposed restrictions on transfer and withdrawal between accounts due to poor market conditions. Stop Was put This is an indication of increasing pressure on this segment. It is one of the largest firms involved in crypto lending. It offers interest to customers depositing its cryptocurrencies and lending cryptocurrencies to earn returns. The crypto market was hit hard by falling heavily after central banks in several countries raised interest rates and stablecoin TerraUSD broke ties with the dollar last month. This caused a lot of loss to the investors.