Photo by Jemal Countess/Getty Images for TIME

Tech billionaire Bill Gates has dismissed NFTs as “100 percent based on greater fool theory” — the financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to.

Speaking at an event on climate change hosted by TechCrunch, Gates said he preferred investing in assets with tangible outputs, like farms or factories, “or a company where they make products,” and that he held no position in cryptocurrencies or NFTs. “I’m not involved in that. I’m not long or short in any of those things,” said Gates, suggesting that he was also suspicious of assets designed to “avoid taxation or any sort of government rules.”

“Obviously, expensive digital images of monkeys are going to improve the world…

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