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."