Traditionally, we begin with an explanation. Web3 is a new generation of decentralized Internet based on blockchain, with the user at the centre. That is, they own their own data and assets entirely, instead of being the source of earnings for large companies like Google and Apple in the current generation of Web2.

With blockchain technology, for example, a user can sign in to various services using a public key instead of sharing sensitive personal information. And that means Google, for example, won’t be able to use gender, age and other metrics to show ads and make money from them.

Living in a meta-universe

The same goes for asset ownership, which NFTs are able to guarantee. The latter also allows people to earn crypto-assets in meta-universes, for example, by working there. A metavieworld is a virtual space where people interact using their own avatars.

However, Bill doesn’t really believe in any of this. Here we can assume that Gates isn’t particularly familiar with decentralized asset technology.

What are the most promising technologies?

Here’s Bill’s response to a question from a user called DWight_5, who asked which technology should be called “revolutionary”.

Artificial intelligence is the most important innovation. I don’t think Web3 is that great or that only meta universes are revolutionary, but AI is another matter entirely.

Note that not the best attitude towards decentralized cryptocurrencies was also shared by the head of the US Securities and Exchange Commission the day before. He decided to scare US military officials that most digital assets would allegedly be devalued. Read more about this stance in a separate article.

Billionaire Bill Gates

Asked what he thought of the ChatGPT chatbot, Bill said the product “gives an idea of what’s to come.” Here’s his quote.

I’m impressed with the whole approach and the speed of innovation.

ChatGPT can write entire programs based on user’s text request

The philanthropist also talked about the possible application of AI in his own humanitarian work.

If you look at it in the context of the Gates Foundation, we want to have tutors to help kids learn maths and keep them interested in the subject. We want to have health care for people in Africa who can’t access it.

According to Decrypt’s sources, in late 2021 Gates predicted that within two to three years most virtual meetings will move from 2D platforms like Zoom or Teams to metaclasses. He also added that he was impressed with how virtual reality technology was improving the remote meeting experience.

But the billionaire has made no secret of his distaste for crypto and NFT – he has previously stated that they are “100 per cent based on the greater fool theory”. That is, it’s supposedly only useful for buying a digital asset cheaper and selling it higher. Obviously, Bill is unfamiliar with the decentralised finance industry at the very least and therefore can barely grasp the potential of this niche.

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One of the main factors that the cryptocurrency industry is criticised for remains fraud. According to analytics platform Chainalysis, the total amount of money raised by fraudsters in crypto reaches $20.1 billion in 2022.

These figures are not definitive, as the figure grows as analysts determine the extent of the impact of recent hacks, Cointelegraph reported. In addition, this does not include revenue from non-cryptocurrency related crimes, but which use crypto to launder money.

Dynamics of the amount of funds received by fraudsters

The current total of $20.1 billion exceeds the 2021 figure of $18 billion by 10 percent. That’s a record which is, among other things, 60 percent higher than in 2020. Back then, the amount of money raised by fraudsters was $8 billion.

Obviously, it is indeed possible to criticise the cryptocurrency industry for the abundance of fraudsters. This, however, is primarily responsible for the behaviour of people who choose to interact with decentralised technology in this way. That said, as users of digital assets become more educated, the number of instances of some basic coin fraud schemes will clearly decrease.

Cryptocurrency theft


We think Bill Gates simply isn't a fan of the decentralized asset industry, so he's hardly associated with it. That said, cryptocurrencies themselves do have the power to change the world for the better. Still, giving people power over their own assets, data and money is a major step towards developing a new generation of decentralised society.

Yes, the coin niche does face an influx of fraudsters. However, one would like to believe that increased education of coin lovers and proper storage of coins will make the crypto sector safer for newcomers.