Thursday, June 20, 2024
HomeNFTBill Gates slams cryptocurrencies and NFTs for their high-risk nature and environmental...

Bill Gates slams cryptocurrencies and NFTs for their high-risk nature and environmental impact

On June 14, Bill Gates spoke at the TechCrunch Sessions: Climate 2022 for a wide-ranging discussion that included an update on progress in mitigating climate change since his book “How to Avoid a Climate Disaster” was published in 2021. Bill Gates, the billionaire, has slammed cryptocurrency and NFT projects such as Bored Apes Yacht Club (BAYC). Gates stated that he prefers to invest in assets with tangible outputs, such as farms or factories, or “a company where they make products,” rather than cryptocurrencies or NFTs.

While referring to NFT’s flagship project, the Bored Ape Yacht Club, he added:
“I’m not a part of that.” I’m not long or short on any of those things. I am wary of assets intended to “avoid taxation or any sort of government rules. “Obviously, expensive digital images of monkeys are going to improve the world enormously.”

Last year, Gates also criticised cryptocurrencies during an argument with Elon Musk. He claims that Bitcoin is excessively hazardous for average investors, and that crypto mining causes massive environmental damage. As the founder of Breakthrough Energy Ventures, a climate-focused fund he created in 2015, Gates noted the problem of getting Silicon Valley experts to work in businesses like chemicals and steel production that demand fewer greenhouse gas emissions as the founder of Breakthrough Energy Ventures.

At that time, Bill Gates stated:

“I do think people who don’t have as much money to spare get sold into these manias. My general thought would be that if you don’t have as much money as Elon, you should probably be cautious.”

The crypto market has changed dramatically since 2021. Gates might probably be right too if you look at the current volatile nature of the crypto market. This occurred primarily following the collapse of the so-called “stablecoin” Terra last month. Similarly, NFT prices have dropped dramatically in the last few weeks.

Read more:

Bill Gates unveils reasons for not being crypto investor



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