The creator of the giant company Microsoft Bill Gates commented on the current situation with the collapse of the cryptocurrency market. During his recent speech at the TechCrunch conference in California recently, Gates also lashed out at NFT technology.

According to one of the richest people in the world, such cryptocurrency projects as non-fungible tokens are designed "for fools" and are one of the instruments of financial fraud. Gates also sneered about the popular Bored Ape Yacht Club (BAYC) NFT collection, which in a short period of time was able to gain cult status. According to him, it is obvious that digitized pictures of monkeys will help change the world for the better.

Bill Gates say NFTs are 100% based on greater fool theory

At the same time, Gates is confident in the need to develop digital banking. To do this, he himself allocated funds to this industry from his charitable foundations. In his opinion, it demonstrates much greater efficiency than cryptocurrencies.

Previously, the co-founder of Microsoft has repeatedly defended his point of view about the negative impact of the crypto industry. Last year, Tesla owner and well-known crypto enthusiast Elon Musk acted as his opponent. He disagreed with Gates, who called NFTs too risky for savers.