Bill Gate Laughs at Cryptocurrency, NFT Investors as N66.50trn is Whipped Out from Bitcoin value In 6 days
These are not the best if times for crypo investors, and it seems no one can explain what is actually happening
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In the last six days, Bitcoin the most valuable cryptocurrency has lost over N66.5 trillion of its value as investors count their losses
One of the world's richest man alive and a serial investor seems to be having the last laugh following is consistent non-support for cryptocurrency
For cryptocurrency investors reading this, before the end of the story, you could have lost at least $1 dollar of your investment.
This is how bad the market has been in the last few weeks, and one of the most valuable coin is threatening to fall below $20 for the first time.
The downward trend of the crypto market has left one of the loudest critics, Bill Gate once again asking why are people investing in it.
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According to him, those digital asset trends are "100% based on greater fool theory.
In a report captured by CNN, the Microsoft co-founder referenced the notion that investors can make money on worthless or overvalued assets as long as people are willing to bid them higher.
Gates added that he's "not long or short" crypto. And he mocked Bored Apes NFTs, joking that "expensive digital images of monkeys" will "improve the world immensely."
Instead, Gates said he prefers old-fashioned investing.
"I'm used to asset classes, like a farm where they have output, or like a company where they make products."
Trillions of crypto investors' funds were lost in the last few days
Bill gate comments come as bitcoin and other cryptocurrencies are crashing.
Bitcoin hit an all-time high of $69,000 in November 2021. Since then, the world's most valuable cryptocurrency has lost two-thirds of its value, and on Thursday 16 June by 23.01 GMT is trading at $20,843.26 according to data from coin desk
Thursday trading rate shows that the market cap has now dropped $396.82 billion compared to $556.17 billion it stood on Friday, 10 June.
What this means is that in six days a whopping $160.15 billion(N66.50trn) investors' funds have been whipped out in six days.
Trouble hits Luna investors as stablecoin drops to zero in value
In a.similar report Legit.ng that investors of Luna, the stablecoin that collapsed on Thursday, May 12, are crying as the value of the cryptocurrency equals nothing, trading at $0 on Friday, May 13, 2022.
Nigerian investors have bemoaned their luck as the value dropped to about N23 per LUNA, while it crashed on the international market.
As Bitcoin staged a comeback, surging above $30,000 irrespective of the ongoing troubles of stablecoins like TerraUSD that created panic in the market, investors of LUNA are in a hypertensive mood.