Bill Gates who is the world’s second richest man has joined other billionaires who believe that Bitcoin and other cryptocurrencies are a bad thing. Gates seems to be focusing on the downside of Bitcoin and the other digital currencies. This is a shift of his stand in 2014 when he was quoted saying that Bitcoin would be better than currency.
Yesterday he criticized digital currencies for their anonymity which is a feature that allows the digital currency holders hold their identity discrete therefore making illegal transactions to be done in an easy way without being noticed.
According to Bill gates: Anonymity is cryptocurrency’s main feature, and I don’t think it’s a good thing.” He went on to state that digital currencies will aid illegal trade of drugs because of anonymous payments. Gates added that:
“The ability by governments to find money laundering, tax evaders and terrorism funding is a very good thing. The fact that cryptocurrencies are being used in the sale of Fentanyl and other drugs makes them a rare technology that is causing deaths in almost a direct way.”
Fentanyl is an opioid and is mainly used as a pain medication and is also part of the medication for anesthesia. If misused it can be very harmful as it’s a depressant drug which slows down the messages traveling between the brain and the body.
In conclusion, Bill Gates stated that: “It’s true that anonymous cash is used for illegal transactions but have to make a physical presence to make the transfers which make things like kidnapping payments difficult.”
Bill Gates thinks that cryptocurrencies have made it easy to benefit from certain types of crime because it’s easier to make payments without revealing your identity. His comments did not, however, affect the rice of Bitcoin as it moved up by 3.5% to trade at $10,600.
Bill Gates follows Billionaire Buffet who is always criticizing the existence of Bitcoin. Bitcoin is seen as the easiest way to bridge the gap between the super-rich and the middle-income earners because of its anonymity.