Thursday, March 1, 2018

Bill Gates Bitcoin Comment- ‘Cryptocurrencies cause direct deaths’

After his 2014 remarks, it wasn’t very clear what Billionaire Bill Gates thinks about Bitcoin. Not at least until now. In his recent AMA, addressing a question around Cryptocurrencies, he said that these virtual coins are the direct cause of deaths.

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Bill Gates Bitcoin Comment

“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,” Bill Gates said.

(Of course, because people don’t use fiat to purchase drugs which cause deaths!)

Also Read: 21-Year Old Guy Commits Suicide Due To Bitcoin Loss

When touching the subject on government intervention, he also added that it’s a good thing that government can find money laundering, tax evasion, and terrorist funding.

Bill Gates advised everyone to maintain a distance from Cryptocurrencies and Initial Coin Offerings, saying it is very risky given they are built on speculation.

Here is his full response

“The main feature of cryptocurrencies is their anonymity. 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.”

Interestingly, in one of his 2014 interviews to Bloomberg, he was pretty positive about Bitcoin, even claiming that the Cryptocurrency is better than actual currency.

Bitcoin is exciting because it shows how cheap it can be,” Bill Gates said in 2014. “Bitcoin is better than the currency in that you don't have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient,” he added.

Also Read: What I Learned After Losing $891 In Bitcoin Trading (in 4 Weeks)


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