Bill Gates: Crypto, NFTs are "100% based on greater fool theory"

Be smart: The greater fool theory suggests that buying an overpriced asset can still turn a profit because someone will be willing to pay even more for it later on.

Gates said he's "not involved" in cryptocurrency and NFTs, "I’m not long or short any of those things.”

• The Microsoft co-founder added that he prefers investing in assets with tangible production "like a farm where they have output, or like a company where they make products."

The big picture: Gates' comments come as the cryptocurrency market tumbled this week.

• Experts are predicting a crypto winter, per Axios' Crystal Kim. That's why multiple crypto firms have started to layoffs employees.
• NFTs may have already passed their prime, too, Axios' Brady Dale reports.