Bill Gates Warns About the dark sides of Cryptocurrency

Bill Gates is against cryptocurrencies such as Bitcoin, however, the tech companies are increasingly involved in growing enthusiasm about cryptocurrencies.

During a discussion “Reddit Ask Me Anything” on Tuesday Microsoft Cofounder has openly opposed the entire cryptocurrency system, he said he is against the system which allows criminals, tax evaders and terrorists benefit from the anonymous transactions they allow.

The major feature in cryptocurrencies is their anonymity and I don’t think that can generate anything good. The government’s ability to track money laundering, terrorist funding, and tax evasion is a good thing, Bill Gates responded to a question.

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Gates also said, cryptocurrency allows anonymous trading online drugs, it is the rare technology that is responsible for deaths in a fairly direct way.”

Bitcoin is the most popular and the oldest digital currency to date, it hiked in 2009 and saw a tremendous growth due to its ability to bypass the surveillance eyes of the government officials and law enforcement agencies. The ability of Bitcoin as a sole currency accepted on Silk Road, the Dark Web marketplace for drugs and various other products and services that are illegal, FBI shuttered these things in 2013.

But cryptocurrencies are still growing, according to CEO of the firm involved in cryptocurrency said, Bill Gates comments are true to some extent but somewhat naïve. He further said, this is true that cryptocurrencies were given more importance in dark markets, but this trend is declining now as legitimate businesses are now involved in cryptocurrencies. Commenting on the deaths he said technically dollar is also associated with fairly direct deaths. We have to look beyond these things to see the potential of the dimensionless value transfer system.