Mon 11 Jul 2022 ▪ 8:00 am ▪
min read – by
Apart from Elon Musk and a few handfuls of individuals, the multi-billionaires of this world seem not very fond of cryptocurrencies. Such is the case of Bill Gates who, for his hatred of cryptocurrencies and NFTs, spat this venom: they are assets “ 100% based on the biggest fool theory “.
Bill Gates and disinterest in cryptocurrencies and NFTs
Does the co-founder of Microsoft have a grudge against cryptocurrencies? See how he qualified them: 100% based on the biggest fool theory “. Indeed, Bill Gates has confessed that he is not involved in this, either in the short or long term.
Last June, he also pointed the finger at the NFTs, more specifically those of the Bored Ape Yacht Club (BAYC). He went so far as to joke about these images that had gone viral, calling them ” expensive digital images of monkeys [qui amélioreraient] considerably the world“.
To say that in February 2021, he had not yet passed over to the side of thehatersbitcoin and cryptocurrencies. At the time, he was neutral and said:
“I don’t own any bitcoins.Idon’t have a short bitcoin position. I therefore adopted a neutral point of view.»
What bit Bill Gates to get to such a level of hatred of cryptocurrencies?
“Greater Fool Theory», quesaco?
In French, this theory can be translated as “theory of the greatest fool”. It consists of supporting the increase in prices while waiting for people to become able to sell overvalued securities to a “bigger fool”. This must be maintained until there are no greater fools.
Basically, this theory minimizes all forms of valuation, earnings reports, and other data needed for investing. However, this practice has its risks and limits and does not make it possible to avoid corrections. Certainly, the purchase of overvalued securities can bring in money, but the absence of fools or new fools will certainly cause prices to fall?
Bill Gates, who does not hide his hatred of cryptocurrencies and NFTs, would he be right to associate these assets with the theory of “GreaterFool»? The current crisis in the crypto market could justify this position for theno-coiners. But it should not be forgotten either that in its infancy, in 1993, Gates and the Internet had not aroused the interest of the general public.
Sources: Investopedia; The Wall Street Journal
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it