Bill Gates is not exactly a big cryptomaniac enthusiast. Microsoft’s co-founder has expressed some of his concerns about bitcoins and the like, and believes they are generally used to hide illegal actions.
During an “Ask Me Anything” on Reddit, Gates was asked about crypto-coins and explained what makes him believe that they have more negative than positive effects on society. For the co-founder of Microsoft, the anonymity made possible by these coins makes them widely used by criminals.
“The government’s ability to find money laundering, tax evasion and terrorist financing is a good thing,” Gates explained, according to CNBC. “The main feature of the crypto-coins is anonymity. “Cryptomoedas are now being used to buy fentanyl and other drugs, so it’s a rare technology that has already caused deaths quite directly,” he continued.
For Gates, investing in these virtual currencies is quite risky, and some recent episodes reinforce his argument: a company called Confido disappeared after raising more than $ 374,000 by selling crypto-coins, for example, and some of those coins have already been accused of operating as pyramid scheme.
When questioned by a user who said that physical money could also be used for illicit purposes, Gates said that cryptomoedas stand out for ease of use, since one does not have to be physically present in one place for the transaction to take place.
Bill Gates is not alone in saying that virtual currencies are being used for illicit purposes – last year, representatives of JP Morgan Bank, one of the largest in the world, said that bitcoin is a fraud that can only be used by criminals.