Technology billionaire Bill Gates has dismissed the NFTs as “100 percent based on the theory of the greatest fool” – the financial concept from which even overvalued assets can make money as long as you find an idiot bigger to sell them, as reported by The Verge.

Speaking at a climate change event hosted by TechCrunch, Gates said he preferred to invest in assets with tangible results, such as farms or factories, “or a company where they produce products” and that he held no position in cryptocurrency or NFT.

“I am not involved in this. I’m not tall or short on any of these things” Gates said, suggesting he had doubts about the assets created to “evade taxes or any kind of government rule”

“Obviously, expensive digital images of monkeys will improve the world tremendously” Gates said, referring to NFT’s main project, the Bored Ape Yacht Club.

This is not the first time Gates has expressed skepticism about cryptocurrencies. In an interview from February 2021, he worried about the risks of regular investors buying Bitcoin, especially when the value of the cryptocurrency was so volatile and could be hidden based on a Twitter post by a prominent investor, like Elon Musk.