Pune, 15th June 2022: Bill Gates, the founder of the giant tech company Microsoft and the world’s fourth-richest man has once again criticised cryptocurrencies.
On Tuesday, he termed cryptocurrency projects such as Non-Fungible Tokens (NFT) as fake, saying that it is based only 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.
Gates joked at a climate conference in Barclay, California, that the world is going to improve a lot with expensive photos of monkeys. These are of no use. One can neither invest in the long term or short term.
Gates has been critical of cryptocurrencies in the past. He said that bitcoin has a lot of risk for retail investors and that mining the coin also harms the environment. Musk did not agree with his point.
Gates’ statement comes at a time when the world’s largest, most popular and oldest cryptocurrency has seen a massive drop in bitcoin. It fell more than 15 per cent on Monday, while it fell 5.4 per cent on Tuesday as well.
According to crypto exchange WazirX, the price of bitcoin has fallen by more than eight percent today. Its price has come down to 21 thousand dollars. The rising inflation in the US has affected the price of cryptocurrencies.