Time News Desk: Bill Gates, the tech billionaire and founder of Microsoft, said that cryptocurrencies and NFTs (Non-Fungible Tokens) are "100% based on greater fool theory".
Gates mentioned this while speaking at a TechCrunch Talk on climate change recently. The greater fool theory refers to the idea that the price of overvalued assets will rise when enough investors are willing to pay more for them.
The Microsoft billionaire's comment comes at a time when the whole cryptocurrency market is seeing a drastic fall in its value.
Gates also sarcastically mentioned, "Expensive digital images of monkeys are going to improve the world immensely and that's so incredible," when asked about the hyped-up Bored Ape Yacht Club NFT collection.