(Kitco News) As crypto investors watched their market dramatically crash this week, Microsoft co-founder Bill Gates compared NFTs (non-fungible tokens) to "greater fool theory." Here's what he meant.
Digital assets like NFTs are "100% based on the sort of greater fool theory that someone is going to pay more for it than I do," Gates said during a TechCrunch conference this week.
The Microsoft co-founder was replying to the question on cryptos when he made fun of the Bored Ape Yacht Club - a collection of non-fungible tokens built on the Ethereum blockchain. The collection consists of profile pictures of cartoon apes generated by an algorithm, which have been known to sell for a very hefty price tag.
However, following the crypto crash, the lowest price for a Bored Ape Yacht Club NFT has fallen to below $100,000 — the first time since August 2021, according to NFT Price Floor.
Gates sarcastically quipped: "Expensive digital images of monkeys are going to improve the world immensely."...
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