On the evening of November 19, art adviser Adam Biesk was finishing work at his California home when he overheard a conversation between his wife and son, who had just come downstairs. The son, a kid in his early teens, was saying he had made a ton of money on a cryptocurrency that he himself had created.
In a conversation with TechCrunch, Bill Gates said that NFTs (non-fungible tokens) and digital currencies were, "100 percent based on greater fool theory." Or, as Warren Buffett said in 2020, "Cryptocurrencies basically have no value. You can't do anything with it except sell it to somebody else."
The point Gates, Buffett, and various economists make is that crypto offers no "real-world" value. Thus, cryptocurrency is simply a bubble in which people try to out-fool each other. It's nothing more than a money-making scheme to buy and sell higher. When people get wise to this fact, crypto is going to collapse.
bigthink.com
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