During a Reddit AMA, Bill Gates let his true feelings about cryptocurrencies be known. He cites the shady nature of cryptocurrencies to be used for illegal activity as the reason why he believes that cryptocurrencies have caused deaths.
Bill Gates doesn't hold back about cryptocurrencies.
'Fairly Direct'
Bill Gates' AMA took a surprising turn when the he seemed to make an about-face on the nature of cryptocurrency. Gates had previously praised Bitcoin technology as a way to help the poor. He's frank in the AMA, saying that the biggest risk associated with cryptocurrency is the anonymity.
"The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Governments (sic) ability to find money laundering and tax evasion and terrorist funding is a good thing," said Gates when asked his thoughts about cryptocurrency. "Right now crypto currencies (sic) are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way."
Gates also mentioned that the rampant nature that causes investment and divestment in various cryptocurrencies is dangerous. He thinks that the volatility can make it very risky.
"I think the speculative wave around ICOs and crypto currencies is super risky for those who go long," said Gates about cryptocurrency.
There was a backlash against Gates for speaking out against cryptocurrencies. Some suggested that the billionaire was trying to influence the market with his statements.
Another user challenged him, saying that the U.S. dollar can be used to purchase Fentanyl as well. Gates shot back with a response of his own.
"Yes — anonymous cash is used for these kinds of things but you have to be physically present to transfer it which makes things like kidnapping payments more difficult," said Gates to the user who challenged his statement.
Twitter Backlash
To say that people were upset with Bill Gates' comments was an understatement. People took to Twitter to voice their displeasure with his comments.
Many were pointing out that people used fiat currencies such as the U.S. dollar to buy drugs.
Bill Gates just said cryptocurrencies have caused many “deaths in a fairly direct way.” Then he spewed the normal nonsense about funding terrorism & money laundering. I’m starting to think the criteria for being old and rich is hating crypto they’ll all learn eventually — Pomp (@APompliano) February 27, 2018
Bill Gates says cryptocurrencies are causing deaths because people buy drugs with cryptos. Actually, 95%+ of drugs are bought with fiat. So the US dollar is causing drug-related deaths. Blaming the drug problem on crypto to illogically criticize cryptocurrency market. pic.twitter.com/JR9NSzfaUk — Joseph Young (@iamjosephyoung) February 28, 2018
So @BillGates literally sounds just like my grandma. He's clueless about #crypto. Refer to my pinned tweet regarding "experts." He has no ill intent (IMO), he's just ignorant. Yes, I just said that. He and @WarrenBuffett should get together & talk about their railroad stocks. pic.twitter.com/01LMdEmrnS — Chris Koerner | No BS Crypto | Altcoin Expert (@noBScrypto) February 28, 2018
"@BillGates says cryptocurrencies are causing deaths because people buy drugs with cryptos." Actually, 95%+ of drugs are bought with fiat. So the US dollar is causing drug-related deaths. Blaming the drug problem on crypto to illogically criticize cryptocurrency market.#BTC — Crypto Currency (@Lochm1807) February 28, 2018
