The second richest man on the planet is not too hot on Bitcoin and other digital assets, and believes that cryptocurrency is one innovation that the world could do without.
He was asked his views on these digital currencies during an interview with The Wall Street Journal.
When asked what technological advancement the world could do without, Gates said that he feels that cryptocurrencies are prone to abuse by swindlers and money laundering schemes. To be fair, this has been the most common criticism of decentralized digital assets since their debut back in 2009.
“The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that. I probably should have said bio weapons. That’s a really bad thing.”
Expanding upon his thoughts in a CNBC interview on the Squawk Box show, Bill Gates adopted a more moderate stance on these digital assets, describing his views on Bitcoin as neutral.
“I don’t own bitcoin, I’m not short bitcoin, so I’ve taken a neutral view. I do think moving money into a more digital form and getting transaction costs down, that’s something the Gates Foundation does in developing countries.
Bitcoin can go up and down just based on the mania or whatever the views are and I don’t have a way of predicting how that will progress.”
Shifting thoughts from one of the most notable business leaders in the world.
Back in 2018, in a separate interview on Squawk Box, Gates said that he would bet against Bitcoin if he could. The reason being that as an asset class, nothing is being produced and the price should not be expected to go up.
Clearly, his views have wavered over time.
Perhaps they will evolve more.
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