Bill Gates Make a Sharp Attack on Cryptos, Holds It Responsible for ‘Causing Deaths’

It is needless to say that the concept of virtual digital currencies has been super-hit amongst retail institutional investors across the globe, as its decentralized modus operandi gives investors a financial freedom to manage and trade their financial assets.

However, the crypto adoption is huge among global retail investors, it has somehow not managed to strike the chord with the heads of several big institutions. This time, it’s Microsoft founder Bill Gates who has made a very sharp attack on virtual digital currencies.

On a Reddit “Ask Me Anything” Session this Tuesday on Feb 27, the billionaire tech giant was quite critical of his stand on Bitcoins and other cryptocurrencies. He said that cryptocurrencies have been the most potent tool for all illicit transactions across the globe, an argument that has been resonated by many financial professionals, previously.

Bill Gates said that he is completely unhappy with the secrecy of transactions done using the decentralized network, which gives it more room for cyber criminals to hide and fly under the radar. “The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” he said in the Reddit post. “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.”

However, Bill Gates was soon pointed out by a Reddit user who said that even fiat currency and cash can be used for illicit activities. Gates immediately responded saying that crypto stands out as it is very to be used.

He wrote: "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.”

When asked about how he considers cryptos as an investment tool, Gates said: “I think the speculative wave around ICOs and crypto currencies is super risky for those who go long.”

Bill Gates’ comments come as a bit of a shocker as back in 2014, during the early days of cryptos, Bill Gates during an interview with Erik Schatzker on Bloomberg TV’s Smart Street show, said that he holds a positive outlook on the future of digital currencies. He was also quoted saying that Bitcoin is “better than currency,” and that it “is exciting because it shows how cheap (transactions) can be.”