co-founder of Microsoft Bill Gates He delighted NFT opponents by explaining about NFTs. According to Gates, NFTs are nothing more than a great fool theory type of investment.
He was sarcastic, stating that people who spend a fortune on monkey-picture NFTs (noting the APE collection) can make the world a much better place.
In addition to the statements of Bill Gates NFT After the last correction, the markets lost a great deal of value, proving that there was actually a big bubble in its price. While the base price of Bored Ape Yacht Club has fallen since last August, it is now at its lowest level. The entry cost of the collection has lost 80% of its value in the last two months alone, upsetting its investors.
While NFTs are frequently supported by the celebrities of both the crypto world and the media world, some names made a bubble analogy and stated that it is not a very logical investment tool. Canadian actor Keanu Reevesfound the idea of paying tons of money for easily reproducible works of art ridiculous.
Gates’ opposition to NFT is hardly surprising given that he is a longtime cryptocurrency critic. Gates stated in a Reddit post that he is not very good with cryptocurrencies, as he complained about the lack of intrinsic value.
However, Gates claims that he did not short Bitcoin despite the bearish trend. As it will be remembered, Gates previously stated that he wanted to short the BTC price if he had the opportunity.
Markets, especially major cryptocurrencies, have lost some value this week, with Bitcoin dropping to $20,000 for the first time since December 2020.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.