Microsoft and Bill & Melinda Gates Foundation progenitor Bill Gates is not a fan of cryptocurrencies. In a Reddit AMA yesterday, he posited that crypto subverts governments’ abilities to intercept terrorist funding, illegal drug transactions, and more.
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 crypto urrencies 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.
Redditor dikkepiemel followed up with a rebuttal that cryptocurrencies aren’t doing anything cash wasn’t already doing, saying, “The US dollar is also used to buy fentanyl and god knows what else.” Gates replied once more:
Source: Ars Technica – Bill Gates says cryptocurrencies have “caused deaths in a fairly direct way”