Tech billionaire, writer and philanthropist Bill Gates has earlier considered crypto currencies to be the playground of billionaires and their ilk, with the exception of him and a few other millionaires and billionaires. Now, he has expressed his beliefs on non fungible tokens (NFTs) and said that they are “100% based on greater fool theory.”

The greater fool theory proposes that assets that are overvalued will see an increase in price when there are many investors who are willing to pay a premium to acquire them.

Bill Gates spoke on various issues at the 2022 TechCrunch Sessions: Climate 2022. He spoke about the economic conditions and the need for drastic changes. He also mentioned his optimism in global social action that would address climate change. However, his views on cryptocurrencies and NFTs grabbed many a headline at news outlets including ours.

The Microsoft founder spoke of what he really thought of NFTs and cryptocurrencies. He joked about it at the TCClimate session. He said, “Expensive digital images of monkeys” would “improve the world immensely.” He was referring to NFTs on Bored Ape which was extremely popular, a while ago.

He made his position on both these digital assets very clear. He mentioned that he was “not involved” at all in crypto. He clearly said, “I’m not long or short any of those things.”

He also said that he was “used to asset classes, like a farm where they have output or like a company where they make products.”

Cryptocurrencies have taken a recent hit and are on the decline in value these past few months. In November last year, Bitcoin was worth $69,000. On Tuesday, it fell to 23,000.

In a 2021 interview with Bloomberg, the co-founder of Microsoft has said that it was different when billionaire Elon Musk and Tesla invested in Bitcoin when compared with an average investor. Bill Gates had also said that he was “not bullish on Bitcoin.”