Bill Gates, the co-founder of Microsoft, recently suggested that investing in non-fungible token (NFTs) is not a wise decision in any case. He made an ironic comment, while appearing at an event conducted by TechCrunch in Berkeley, California, that the world will turn into a very improved place because of the people who spend their money on the images of apes.
NFT Sector Gets a Severe Setback
The bubble of NFTs has expectedly burst following the latest market correction as a Bored Ape Yacht Club’s price recently plummeted to the lowest point since the previous August. A plunge of up to 80% has been witnessed during only a couple of months and investors who purchased the red-hot NFT images at considerably mounted prices are left with no hope. The rest of the prominent non-fungible token collections taking into account CryptoPunks have additionally witnessed a drop in their value.
Though many celebrities have become a part of the NFT world and endorsed the community to purchase non-fungible tokens, some renowned personalities selected the path of eliminating them at their supreme fame. For example, Keanu Reeves (an actor from Matrix) was of the view that the concept of recompensing a substantial amount of funds on the artworks that can conveniently be reproduced seems ridiculous.
Bill Gates Maintains a Bearish Attitude toward Crypto
The skepticism of Bill Gates does not come as a surprise as he has been criticizing cryptocurrency for a considerable time. Formerly in 2018’s May, the billionaire asserted that his intention would be to short Bitcoin in any possibility. It appears that Bill Gates has not appreciated the crypto world because there is no fundamental value in such assets as he lamented in a post published by Reddit.
Nonetheless, Microsoft’s co-founder mentions that Bitcoin has not been shorted by him notwithstanding the bearishness on his behalf. The prominent cryptocurrencies’ prices plummeted to a great extent in the present week and Bitcoin dropped to a point around $20,000 for the earliest time since 2020’s December.
Previously, in advance of doing a fight with Elon Musk in the recent year, Gates has condemned the crypto space when arguing about the risk involved in making Bitcoin investment in the case of retail investors along with the impact put by the mining of Bitcoin (BTC) as well as the rest of the crypto asset on the atmosphere in on a broad scale.
This Tuesday, while voicing as the founder of a climate-centered fund named Breakthrough Energy Ventures (that was initiated by him in 2015), it was revealed by Gates that a lot of issues are taking place while recruiting the engineers from Silicon Valley to operate in the industries related to steel production and chemicals that require minimized emissions of greenhouse gas.
The gradual decrease in the value of Bitcoin is partly due to the extreme inflation within the United States as well as the restriction imposed by Celsius (a crypto lending venue) on withdrawals. A hard blow has also been experienced by the above-mentioned Bored Ape Yacht Club (BAYC) NFT collections.
Apart from this, Bill Gates spoke in the favor of the digital banking endeavors that have been supported by him via his humanitarian foundations and labeled them as many times more effective as compared with cryptocurrencies.
