The creator of Microsoft giant Bill Gates commented on the current situation with the collapse of the cryptocurrency market. During his speech at the recent TechCrunch conference in California, Gates also criticized the NFT technology.

According to one of the richest men in the world, cryptocurrency projects such as non-fungible tokens are designed "for fools" and are one of the tools of financial fraud. Also, Gates was sarcastic about about the popular NFT Bored Ape Yacht Club (BAYC) collection, which managed to attain cult status. According to him, it's obvious that digitized pictures of monkeys will help change the world for the better.

At the same time Gates is convinced of the need to develop digital banking. To this end, he himself has allocated to this funds from his philanthropic foundations. In his opinion, it demonstrates a much greater than cryptocurrencies.

Previously, the Microsoft co-founder has repeatedly defended his point of view about the negative impact of the crypto-industry. Last year, his opponent was Tesla owner and famous crypto-enthusiast Elon Musk. He appeared to disagree agree with Gates, who called NFT tokens too risky for investors.