Microsoft co-founder Bill Gates shared his views on crypto and NFTs at Techcrunch Sessions: Climate 2022 event on Tuesday. Gates views crypto as an asset class that is based on a Greater Fool Theory, according to which there will always be a greater fool in the market willing to buy the asset at a price based on a higher valuation for an already overvalued investment.

And eventually, with no more participants in the market ready to pay a higher price, asset prices can drop sharply, leaving participants with worthless investments.

Gates added that he is not involved in crypto. He also mocked Bored Ape NFTs, sarcastically noting that “Obviously, expensive digital images of monkeys are going to improve the world immensely.”