What does Bill Gates think about Bitcoin and other cryptocurrencies?

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Bill Gates is not a fan of Bitcoin and Cryptocurrencies now, as he had suffered a massive loss while using Bitcoin in his business as a primary mode of transactions.

The Microsoft owner is not consistent about his opinion on Bitcoin and other Cryptocurrencies.   

The opinion of him keeps on changing over time. This aspect of frequent changes in the statement is quite natural in to incase of Cryptocurrency trading. One thing that remains constant about Cryptocurrency from the standpoint of Bill Gates is the application of Blockchain Technology.   

Different Opinion of Bill Gates on Bitcoin in Cryptocurrencies  

Let’s explore the different views of him on Cryptocurrency in this article.   

1. Cryptocurrency Causing Deaths at A Fair Means

Bill Gates initially believed that Cryptocurrency is an anonymous form of currency. There is no regulating authority that can control the Bitcoin transactions over the network. Cryptocurrency is getting more and more popular and along with it; unscrupulous elements of society are using it in an unfair means.   

He thinks many Crypto traders do not know that they are causing deaths to millions of people directly as there are no regulations in Cryptocurrencies’ transactions. Untraceable Cryptocurrencies are now causing many deaths as drug dealers, terrorist organizations, and other antisocial people are now using them. 

In Bill Gates’s opinion, it is quite clear that Gates is pessimistic about cryptocurrency’s, and he is not very sure of the outcomes and the hazards it may cause in the world economy in the coming years.   

2. Cryptocurrencies Are Anonymous

According to Bill Gates, Cryptocurrencies are the anonymous form of currencies. He believes that the chances of tax evasion, money laundering, terrorist funding could be increased due to the maximum usage of the Cryptocurrency.   

The usage of Bitcoin and other high-value Cryptocurrencies can result in money misuse if not appropriately regulated. Due to the lack of monitoring of Cryptocurrency, the chances of death are increasing in many countries. People are not habituated to digital transactions of huge amounts of money, so the chances of cyber issues may also increase.   

Bill Gates is also of the opinion that it is really risky to invest your money in Bitcoin or other Cryptocurrencies right now. The security issues are more, and the safety measures are less in it.

3. Digital Currencies Can Empower the Poorest   

He also said that Crypto transactions are now like get the rich quick scheme. The price of many high-value currencies such as Bitcoin and Ethereum is increasing at a rapid pace. It is giving birth to many billionaires globally. The scope of the earning capacity is also relatively high.   

He said that 2.5 billion people worldwide lack access to financial services. You have to be well aware of the fact that the application of digital currency can reduce the poverty rate in the world with ease.  

So we can see that the same person has a difference in Cryptocurrencies and Bitcoins’ opinion. It is quite natural as, with time, the value of many Cryptocurrencies is performing well in the market.  

Why Is Bill Gates Changing His Opinion About Cryptocurrency?

The value of Cryptocurrencies including Bitcoin is changing all the time, and currently, its value is on the higher side. It is the reason why Bill Gates is changing his opinion frequently on Cryptocurrency.

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