Bill Gates Criticizes Cryptocurrency Again: A Scam Based on the Bodhisattva Theory
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Bill Gates Criticizes Cryptocurrency Again: A Scam Based on the Bodhisattva Theory.
Microsoft co-founder Bill Gates refuted cryptocurrency projects such as non-fungible tokens (NFTs) at a climate conference on Tuesday, calling it a scam “based on the Bodhisattva theory”, reviving past concerns about digital Asset Criticism.
Speaking at an event hosted by TechCrunch in Berkeley, California, Gates quipped: “Obviously, expensive digital photos of monkeys are going to vastly improve the world,” an apparent reference to the “Boring Ape” NFT series.
Gates said he is neither long nor short the asset class. Gates has criticized cryptocurrencies before, arguing last year with Tesla CEO Elon Musk over whether bitcoin is too risky for retail investors and the environmental harm of mining bitcoin.
Gates, founder of the climate-focused fund Breakthrough Energy Ventures in 2015, said in a speech on Tuesday that the need to reduce greenhouse gas emissions in chemical and steel production Hiring Silicon Valley engineers in other industries is very difficult.
Bitcoin prices tumbled more than 15% on Monday and another 5.4% on Tuesday, part of a broader sell-off in cryptocurrencies due to higher-than-expected U.S. inflation and the announcement of a withdrawal freeze by cryptocurrency lending platform Celsius.
The popular NFT series, including the celebrity-loving Boring Ape Yacht Club (BAYC), has also been hit hard.
Gates also defended his digital banking efforts backed by a charitable foundation, saying it is “hundreds of times more efficient” than cryptocurrencies.
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