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Microsoft co-founder Bill Gates, one of the world’s richest men, criticized cryptocurrencies and non-fungible tokens as “100% based on greater fool theory” at a TechCrunch conference earlier this month.

The tech billionaire reiterated his support for traditional investing over the crypto craze, saying that he was “not long or short” on virtual assets, which have plummeted dramatically in price amid a wider crypto downturn. Since November, Bitcoin has dropped to dramatic new lows, after reaching an all-time high exceeding $68,000 last year.

"I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said.

He also took a dig at the Bored Apes Yacht Club (BAYC), ironically saying "Expensive digital images of monkeys are going to improve the world immensely."

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Watch Bill Gates explain to audiences his opinion of the BAYC: