Bill Gates call cryptocurrencies ‘super risky’

Bill Gates, Microsoft co-founder has cited threats related to the cryptocurrencies, saying crypto currency is killing people.

During a reddit session of “Ask me Anything” on Tuesday, Gates explained that he thinks cryptocurrency is being used to hide the financial transactions from the government. He also cited his concern over the growing rate of terrorism, drug dealing, financial crime due to the growing craze of blockchain technology.

He said that cryptocurrencies harbor nefarious activities and is thus ‘killing people in a fairly direct way’.

“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. 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,” he quoted.

When a Reddit user pointed out that plain cash could also be used for illicit activities, Gates replied that cryptocurrencies are quite easy to use and thus it becomes easy to use prompting many to adopt the wrong path. He is not the first one to raise his concern over the risky threats of the digital currencies, The CEO and chairman of Berkshire Hathaway Warren Buffet has also called the digital currencies a bubble.

“I can say without any doubt that the cryptocurrencies would come to a bad end,” he said.

Investor Jack Bogle had earlier lamented his view saying, “Avoid Bitcoin like the plague, I hope I have made myself clear.”

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

9 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

12 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

13 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

15 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

1 day ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

3 days ago