Microsoft founder Bill Gates has slammed cryptocurrencies, stating they are slowly killing people.
The founder of one of the worlds largest technology companies has said crypto currencies, such as Bitcoin are killing individuals in a ‘direct way’. Gates’ statement referred to the use of cryptocurrencies being like a drug to users, expressing one day it will take over.
Gates expressed his opinion during a ‘ask me anything’ session on the news website Reddit. Furthermore, the Microsoft founder claimed the cryptocurrencies are dangerous due to the anonymity of them, which has encouraged money laundering and terrorist expression.
“The main feature of crypto-currencies 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,” Gates said.
- Bill Gates shuns cryptocurrencies in ‘ask me anything’.
Spectators of the session shunted Gates’ comments, stating he had been ill-informed about the purpose of the currencies.
Gates is not the first to reign in negative views of the crypto currency Bitcoin. Warren Buffett expressed his concerns a couple of months ago, confidently saying the cryptocurrencies will not end well.
As for Gates, his concerns are pretty exemplified in comparison. He said: “Right now, crypto-currencies 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 crypto-currencies is super risky for those who go long.”
Despite his cynical comments, Microsoft’s founder has not always held this opinion. Early on in the currencies life cycle Gates deemed Bitcoin better than any other currency available. It is only the actions from individuals using it that has led him to his current views.
Microsoft is among the many companies mulling the idea of incorporating Blockchain into their companies, to better quality of service for customers. This week at MWC, both VMware and Cisco have also joined the bandwagon.
The UK government have held concerns of their own over the technology, with the Treasury Committee set to hold an inquiry into the benefits and drawbacks of both Bitcoin and Blockchain.