Bill Gates, a co-founder of Microsoft, recently poured cold water on Web3 and cryptocurrency during a Reddit ask-me-anything session, dashed hopes that these technologies would become the next big thing. Gates said artificial intelligence (AI) was “the big one” in response to a user’s query about whether a “mammoth technology shift like the Internet” was currently in the works. Microsoft is currently spending billions of dollars in this area. Gates cautioned against placing excessive bets on technological trends like Web3 and metaverse at the same time.
The user thought back to Bill Gates’ well-known remark from the early 2000s about how people vastly underestimated what the internet would be in five years but greatly overestimated it after ten. The quote proved to be very accurate after the dot-com bubble burst. Given his history of anti-crypto comments, Gates’ bearish statement is not surprising. The tech tycoon stated in June that non-fungible tokens (NFTs) were founded on the greater fool theory.
In 2018, Gates declared that, if he could, he would short Bitcoin, the most popular cryptocurrency. Later, he softened and took a more neutral stance. Gates has nonetheless criticised Bitcoin for using too much energy. Despite Gates’ anti-crypto stance, many people are waiting patiently to see how some blockchain-focused businesses develop and forge alliances to accelerate the adoption of virtual currencies.