Internet-famous fortune teller Bill Gates has been known to use his Twitter account as a way of trolling the cryptocurrency space. His latest tweet is no different, but blockchain enthusiasts are questioning whether it might be more than just an inside joke.
The “dunning-kruger effect” is a cognitive bias wherein unskilled individuals suffer from illusory superiority, mistakenly assessing their ability to be much higher than it actually is. This bias can be attributed to the inherent difficulty in accurately estimating one’s own competence and the inflated view of their abilities that results from incompetent performance.
Bill Gates, a famous millionaire and conspiracy theorist, has once again jumped into the crypto issue, channeling his inner Dunning Kruger and declaring crypto and NFTs to be “100% based on bigger fool theory.”
His blanket comment came at a recent Techcrunch session on June 14, and it wasn’t an easy decision to make in the midst of a rough run in the crypto markets, which was exacerbated in no small part by record levels of inflation sparked by elderly billionaires.
Bill has made a habit of proclaiming his indifference in the crypto markets, and he does it with remarkable consistency. In his most recent rant, he declared that he prefers to invest in assets that provide concrete results, such as farms and industries. However, he seems to be unaware of his past work as the CEO of a software business.
While there is no question that the crypto realm involves a lot of speculation and shady dealings, there is also a lot of genuine innovation. As a result, asset-backed initiatives have started to shine during the recent slump, decentralized fund raising has given the people investing power, and NFTs have the capacity to hold the value of almost everything.
Crypto stays at the vanguard of innovation, regardless of what the geriatric millionaires have to say about it.