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Why Bill Gates Thinks Cryptocurrencies Are Super Risky

Bill Gates, the Microsoft Corp. co-founder carried out a question and answer session on discussion site Reddit, where he voiced his views on cryptocurrencies, expressing concerns for what virtual currencies are used for, and how the anonymity of them encourages illegal and negative behaviour. He said;

The Governments 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 ICO’s and cryptocurrencies is super risky for those who go long.”

Bill Gates has not always had this view on cryptocurrencies, and back in 2014, he expressed his views on Bitcoin, and said that it was;

“… better than currency in that you don’t have to physically in the same place.”

He has justified his view at the time by saying that the value of Bitcoin was a lot lower then, and was very cheap to invest in. At the time, Bitcoin was worth just $371 compared to the $10,500 it is worth now. He backed up his argument against cryptocurrencies and that anonymity is a negative thing and can result in people using them to purchase drugs, saying;

“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.”

Image Source: Wikipedia Commons

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.