“The main feature of cryptocurrencies is their anonymity,” Bill Gates said. “I don’t think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”
This is what he said in a session on Reddit, supposedly an “Ask Me Anything” session.
Even though the philanthropy under Bill Gates’ name has partnered with cryptocurrency firm Ripple in a bid to help the unbanked, the former Microsoft CEO said on Tuesday(27th Feb.) that the main feature of Bitcoin and its ilk is not a “good thing.”
When questioned regarding his views on cryptocurrencies in his sixth Reddit “Ask Me Anything” session, the billionaire focused instead on the downsides of Bitcoin and its peers. Namely, that the cryptocurrencies don’t reveal the name of their holders in the way a credit card statement might—making it easier for illegal transactions to fly under the radar.
When another Reddit user pointed out that plain cash can also be used for illicit activities, Gates said that crypto stands out because it can be easier to use. “Yes — anonymous cash is used for these kinds of things, but you have to be physically present to transfer it, which makes things like kidnapping payments more difficult,” he wrote.
Bill Gates also warned that the wave of speculation surrounding cryptocurrencies is “super risky for those who go long.”
He is not the only one here, speaking against the speculative assets. His close friend Warren Buffett also predicts a disappointing outcome. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the chairman and CEO of Berkshire Hathaway said.
Bitcoin has also been used by hackers to install ransomware on victims’ computers to profit from their malicious activity.
The cryptocurrency is not entirely anonymous in its current state, but there are proposals for adding a better privacy system in the future.
Hence, in conclusion,
Billionaire philanthropist and Microsoft co-founder Bill Gates said no technology has “caused deaths in a fairly direct way” to the extent that cryptocurrencies have. He said that the ease with which people can anonymously buy drugs is a major problem, and suggested that cryptocurrencies are used to launder money and fund terrorist organizations. Gates also added that “the speculative wave” around initial coin offerings and cryptocurrencies is “super risky.”