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The Journey Towards Cryptocurrency Doom, According to Bill Gates

In Bill Gates’ own words

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Bill Gates has caused quite a stir amongst Reddit users, being quoted saying that the world of crypto is “an extraordinary era that has led to deaths in a somewhat direct means,” in the midst of an “Ask Me Anything” session on Reddit on February 27th.

Gates wrote:

The principal function of cryptocurrencies is their anonymity. I do not believe this is the right track to follow. The Government’s skill to seek out cash laundering and tax evasion and terrorist investment is a great factor. Currently, cryptocurrencies are used for purchasing fentanyl and various other medicine, so this can be a unique technological trait that has led to deaths in a somewhat direct means. I believe the speculative wave round ICOs and cryptocurrencies is tremendously risky for individuals who stay in the game for long.

It should be noted that, while drug purchases online have been on an incline, the majority of drug users continue to buy illegal drug ingredients employing conventional strategies. Referring to a 2017 Global Drug Survey, irrespective of nation, a significant half of the drug users purchase these drugs through the black market web in any one country. According to statistics, the worldwide median calculated for a share of drug clients who tend to use the black market web is about 10.1%.

The Community Reacts

Gates’ remarks were not received kindly by the Redditors; in fact, he received harsh criticism. Some members urged Gates to refer back to the Bitcoin white paper, while others blamed him for what once seemed to be an attempt to affect the cryptomarket with his superior status.

A member going by the name Hoticewater wrote “If Bill Gates says he doesn’t fancy crypto, it is because the cash flow is well shaded… then many ears are all ears.”

One attentive client pointed out that fiat currencies are also an ingredient for unlawful missions such as tax evasion, terrorist investments, money laundering, and illegal drug purchases. In response, Gates said that the need for the physical presence of money makes unlawful actions, missions, and transfers harder to operate:

Of course – anonymous money is used for these types of things. However, you need to be physically there for the transfer purposes making issues such as kidnapping bills harder.

In 2015, Bill Gates was optimistic about the cryptocurrency industry. He further commented, “Bitcoin is healthier than forex…” in an interview with Erik Schatzker on Bloomberg TV, during the Sensible Boulevard show.

Also, as part of the “Monetary services for the less fortunate” initiative, the Bill and Melinda Gates Foundation chipped in and sponsored the development of the Blockchain infrastructure for individuals interested in Kenya incorporating cryptocurrencies.

Whilst Gates stands unmoved from his stance on cryptocurrencies, blockchain technology remains a field of interest for the Microsoft Corporation, which is moving forward without the CEO’s approval.

Editorial credit:  / Shutterstock.com

Do you think Bill Gates is right in the above comments? Leave us your view in the comments section.

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