PEOPLE

Bill Gates comments on current economy and bored apes: Rapid economic changes in a lifetime, monkey pictures won't improve the world

share
Bill Gates comments on current economy and bored apes: Rapid economic changes in a lifetime, monkey pictures won

On the 15th, Microsoft founder Bill Gates mentioned the current economic situation and "bored apes" in an interview with the media outlet TechCrunch.

Unprecedented Rapid Economic Transformation

Bill Gates stated that the current overall economic, stock market, and interest rate cycles are changing at an unprecedented pace in his lifetime. We are likely to experience an economic downturn similar to that of 2001, transitioning from one extreme due to overvaluation. Therefore, the validation of whether funds can still be invested in these assets remains uncertain, potentially leading into a market winter lasting for several years. It is also not an easy task in the short term to deploy funds from small experimental production companies into key industries such as steel and chemicals.

Reaction to NFTs

Bill Gates, Warren Buffett, and Charlie Munger have consistently had negative views on cryptocurrencies. During the last bear market in 2018, the three even criticized Bitcoin on stage, with Gates expressing his desire to short Bitcoin. In 2021, Gates changed his stance on Bitcoin to a "neutral attitude," neither shorting it nor holding any. As the era of NFT craze arrived, Gates also made comments.

Gates also mentioned the "Bored Ape Yacht Club (BAYC)," stating, "Clearly, expensive digital monkey images do not improve the world."

Gates' reaction to NFTs is similar to that of Bitcoin. He said, "I am more used to assets that produce output like farms or companies that manufacture products. Not assets based on the 'greater fool theory,' expecting someone to be willing to pay more or assets used to evade taxes. I won't be bullish or bearish on these assets, nor will I participate in them."