BILL GATES VS NFT & CRYPTOCURRENCY: What Are Your Thoughts?
Bill Gates apparently had a lot to say about NFTs and cryptocurrency, but none of it was positive. In fact, this isn't the first time the Tech billionaire has regarded NFTs in this manner.
I was just scrolling through a blog when I came across this interesting blogpost and felt I had to share it with my fellow Hivers.
Tech billionaire Bill Gates has dismissed NFTs as “100 percent based on greater fool theory” — the financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to.
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Phew! This is exactly how I felt when I read the words. Apparently, the billionaire would rather put money into things he can see and assets he has control over.
He did mention physical investments such as farms, production companies businesses, and so forth.
He would rather see exactly what he spends his money on, than wait for his investments to perhaps increase in value. Can we really blame him, given the volatility of the cryptocurrency market?
"I'm not involved in that," he said emphatically.
He did imply sometime in 2021 that he’d prefer to invest in something tangible or concrete rather than assets that just a tweet by Elon Musk could greatly influence; positively and negatively.
“I’m not involved in that. I’m not long or short in any of those things,” said Gates, suggesting that he was also suspicious of assets designed to “avoid taxation or any sort of government rules.”
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” quipped Gates, referring to the flagship NFT project, Bored Ape Yacht Club. Source[https://www.theverge.com/2022/6/15/23169008/bill-gates-cryptocurrency-nft-greater-fool-theory]
It is also vital to note that the prices of NFTs have seen a significant decline as well. This fall is inclusive of the very popular Bored Ape Yacht .
If we really look at it, the volatilty of cryptos is not something I completely understand, so pardon me if I type something here that you do not quite agree with, besides, that’s what the comment section is for, yeah? winks
If we really look at it yet again, we might be able to agree that his concerns make sense, I'm not sure a his choice of words but his concerns, I understand.
Looking at how much cryptocurrency(BTC, the star of the crypto world) has dipped in the past few months, (even Terra) one would understand.
At the time of writing BTC is at $20,615.
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At this point investors are either racing to buy the dip in the hopes that it will become profitable overtime, whilst some others are absolutely opposed to buying the dip for fear that the assets may take a further plunge in the negative or red direction.
As someone who has only recently developed a true interest in cryptocurrency, my best reply would be, "I guess we’d simply keep our fingers crossed, and hope for the best!
Please tell me what you think of Bill Gates' point of view. Do you agree with him?
Thank you for reading!!
Gracias!
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Posted Using LeoFinance Beta