‘NFTs, cryptocurrencies are 100% based on greater fool theory’, says Microsoft co-founder Bill Gates
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Tech billionaire Bill Gates has said that he holds no position in cryptocurrencies or non-fungible tokens (NFTs), as they are "100% based on greater fool theory". The theory is a financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to. Gates said he rather preferred investing in assets with tangible outputs, like farms or factories, "or a company where they make products".