--- title: "Bill Gates Ruthlessly Mocks NFTs as Crypto Market Collapses" description: "Bill Gates really, really hates cryptocurrency, saying on Tuesday that virtual coins and their NFTs are \"100 percent based on the Greater Fool Theory.\"" date: "2022-06-15" modified: "2022-06-15" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/the-byte/bill-gates-mocks-nfts-crypto" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" - "NFTs" tags: - "Bill Gates" - "bitcoin" - "nft" - "the digest" --- # Bill Gates Ruthlessly Mocks NFTs as Crypto Market Collapses ![Bill Gates really, really hates cryptocurrency, saying on Tuesday that virtual coins and their NFTs are "100 percent based on the Greater Fool Theory."]() *\Image: GEOFF ROBINS/AFP via Getty Images\* ## Bill Apes Bill Gates can't stand cryptocurrency. The billionaire Microsoft founder hasn't been shy about his stance on blockchain tech in the past, [arguing with]() [Dogecoin-pushing rival Elon Musk]() over the currencies' viability, and calling out Bitcoin mining operations for their [destructive environmental impact](). Now, in the wake of the sudden — [and extreme]() — crypto crash, Gates has once again fired scathing shots at digital currencies as well as non-fungible tokens (NFTs). Speaking on Tuesday at a TechCrunch [climate conference](), the billionaire [said that virtual coins]() and their non-fungible friends are "100 percent based on the Greater Fool Theory." That's an economic idea that, in short, refers to the buying and selling of over-hyped assets with little to no intrinsic worth, under the assumption that there will always be a "greater fool" to purchase that asset for even more money than initially paid. "Obviously, expensive digital images of monkeys are going to improve the world immensely," he [said satirically](), referring to the popular [Bored Ape Yacht Club]() (BAYC) NFT collection. Ouch! ## Fool Me Twice It's worth noting that Gates has put a lot of money [towards backing digital banks](). At the same conference on Tuesday, he pitted those against crypto, describing them as "hundreds of times more efficient" than digital currencies. Crypto is spiraling across the board, including [alleged stablecoins](), leading companies in the industry to [fire thousands of workers]() and even [halt withdrawals](). NFTs [have also taken a hit in value](). The industry has also had to answer for a comical number of [NFT hacking scandals](), perhaps most notoriously the saga of [Seth Green's Bored Ape](). And, while wealthy crypto enthusiasts — a group that now, oddly, [includes Sir Anthony Hopkins]() — might not be too heavily impacted by the deterioration of crypto's value, [investors with less wealth are already feeling the cost](). "I do think people get bought into these manias who may not have as much money to spare," Gates [told *Bloomberg* back in 2021](), long before the market crash. "My general thought would be that if you have less money than Elon \[Musk\], you should probably watch out." **READ MORE:** [*Bill Gates says crypto and NFTs are ’100% based on greater fool theory’*]() \[CNBC\] **More on the bitcoin crash:** [*Financial Planner Desperately Explains to Clients Why the Bitcoin Crash Is Good, Actually*]() ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()