Bill Gates’ notice that nobody heard about cryptocurrencies and NFTs

Long before the cryptocurrency bubble burst with the FTX debacle, there were some voices who warned that a financial crisis like the one that finally happened could occur. Among those who warned was Bill Gates.

The founder of Microsoft has already expressed his doubts about those known as “bored monkeys” And it is that the background of Gates’s criticisms did not go so much towards the cryptocurrencies themselves, but also towards the technology behind it and how it is used. The blockchain is nothing more than the sale of air, in his opinion, and the example is the use in the ‘Non Fungible Tokens’ or NFTs. “Obviously, some expensive digital images of monkeys will improve the world a lot», he ironized in a talk he gave last June for TechCrunch.

Cryptocurrencies, like the images of boring monkeys that became fashionable in the NFT market, are based on the same blockchain technology and therefore the bubble is the same.

At the time Gates gave this talk, FTX was about to take over Alameda Research, which in hindsight spelled the end of the company.

Referring specifically to cryptocurrencies and the bitcoin market, the American tycoon referred to buyers and dealers of this type of digital securities in very harsh terms.

For the former richest man in the world (currently still in the ‘top 5’), those who use NFTs are based “in the theory of the dumbest”. “I’m not into that. Nope [invierto] in short or long [plazo]», he confessed, because he was not willing to let his money end up in companies «whose anonymity is used to Evade taxes».

In this sense, Gates points out that he was used to managing “assets that make products, such as a farm or a factory.” The billionaire’s criticism is not only towards those who have speculated with cryptocurrencies, but towards its purpose, which will improve the world little or nothing compared to how it is now.