Cryptocurrencies are starting to stand on their feet again and Bitcoin reached the $10,000 mark after a long period. But recently, someone asked Bill Gates about his take on the cryptos. Apparently, his answer will be the reason for another downfall of the cryptos. Microsoft’s co-founder and the World’s richest person Bill Gates did his favorite “Ask Me Anything” session on Reddit with the title, “I’m Bill Gates, co-chair of the Bill & Melinda Gates Foundation. Ask Me Anything.”
A person on the forum decided to talk about cryptos and asked him, “Whats your opinion on Crypto Currencies?” Even though Bill Gates and Melinda Gates have a partnership with Ripple to fight the poverty, the answer of Gates on the question was a very direct hit on Bitcoin. He said “the main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing.” He also said, “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.”
According to Bill Gates, the governments should have the ability to track money laundering, tax evasion, and terrorist funding. After this statement from a person who is one of the biggest names in the world, some Redditors and some Twitter users have started discussing the impacts this statement might have. A Redditor replied to this thread saying “Kylie Jenner tweeted negatively about Snapchat and they lost $1.5 billion. Imagine when Bill Gates talks about crypto… Selling all of my cryptos.”
People who are very much into cryptos do not want to hear what Bill Gates has to say. One such user replied to the thread saying, “I only heard … cryptocurrencies…go long… All in.” The idea that old and rich do not understand about cryptos was also presented by some of the users on Twitter. Some also believe that cryptos and cash both can have a negative impact if used in a wrong way.
Bill Gates is not the first one to speak against the speculative assets. His close friend Warren Buffet also gave a statement some time ago and predicted about the disappointing future of the cryptos. He said, “n terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”