during a recent ask me anything session On Reddit, Microsoft co-founder Bill Gates poured cold water on Web3 and crypto, damping the hopes of those hoping these technologies will become the next big thing.

Responding to a user’s question about whether there was a “giant technological change like the internet” in the works today, Gates said artificial intelligence (AI) was “the biggest.” This comes as Microsoft is investing billions of dollars in this field.

At the same time, Gates advised against betting too much on technology trends like Web3 and the metaverse.

The user was reminded of Gates’ famous quote from the early 2000s about people vastly overestimating what the internet will be like in five years, but underestimating its potential after ten years. After the dot-com bubble, the quote turned out to be very prescient.

Gates’ bearish comment is not surprising given that he has a history of commenting against cryptocurrencies. What reported by U.TodayThe tech mogul opined that non-fungible tokens (NFTs) were based on the big fool theory in June.

In 2018, Gates said he would sell Bitcoin, the largest cryptocurrency, if he could. He later softened his stance, adopting a somewhat neutral view. Still, Gates has criticized Bitcoin for its excessive use of energy.

Despite Gates’ anti-crypto stance, many remain patient and watch as some blockchain-focused companies continue to mature and solidify partnerships to further drive digital currency adoption.