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Bill Gates: Crypto and NFT, based on the idiot's biggest theory

2022-06-15 11:56:49Lifestyle SHKRUAR NGA REDAKSIA VOX
Bill Gates: Crypto and NFT, based on the idiot's biggest theory
Bill Gates

Bill Gates is not a fan of cryptocurrencies or non-exchangeable tokens.

Speaking in a TechCrunch speech on climate change, the Microsoft co-founder billionaire described the phenomenon as something that is "100% based on the biggest theory of stupidity," referring to the idea that overvalued assets would to rise in price when there are enough investors willing to pay more for them.

Gates joked that "expensive digital images of monkeys" would "improve the world tremendously", referring to the much-talked-about Bored Ape Yacht Club NFT collection.

NFTs are tokens that cannot be exchanged with each other.

They are often used as a way to prove ownership of digital assets such as art or sports collections.

But critics see them as overrated and potentially harmful to the environment, given the power-hungry nature of cryptocurrencies. Many NFTs are built into the network after ethereum, the second largest token.

Cryptocurrencies fell sharply this week after Celsius, a crypto lending firm, banned all account withdrawals. The phenomenon has sparked fears of an imminent bankruptcy event for Celsius and possible negative effects on other parts of the crypto market. For his part, Celsius says he is "working all the time for our community."

The damaged crypto world was already healing its wounds after the fall of UST a so-called "stablecoin" that was supposed to be worth $ 1 and the luna, its sister symbol. At their peak, both cryptocurrencies had a combined value of $ 60 billion.

Bitcoin was last traded at $ 21,107 on Wednesday, down 7% in the last 24 hours. The world's largest cryptocurrency has erased more than half of its value since the beginning of 2022. CNBC


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