Bill Gates Calls Cryptocurrencies ‘Super Risky for Those Who Go Long’

Rate this post
Bill Gates Calls Cryptocurrencies ‘Super Risky for Those Who Go Long’

Bill Gates has joined the ranks of cryptocurrency naysayers.

During his sixth Reddit “Ask Me Anything” session, the co-founder of Microsoft Corp. (MSFT) and one of the world’s wealthiest men was questioned about cryptocurrencies. “The speculative surge surrounding ICOs and cryptocurrencies is very dangerous for those who go long,” he says.

Gates isn’t the only high-profile figure to raise reservations about cryptocurrencies, which gained popularity last year. Bitcoin began trading at $1,000 in 2017 and had topped $20,000 by December.

One of the allures of cryptocurrencies is their anonymity and lack of regulation. However, the anonymity has caught the curiosity of authorities all around the world. With more governments across the globe considering market regulation, the price has been under pressure this year. (Read more: $10 Billion Bitcoin Lawsuit Filed Against Man Claiming to Be Crypto Inventor Satoshi.)

“The primary characteristic of crypto currencies is their anonymity.” “I don’t believe this is a good idea,” Gates said on Reddit. “It is a positive thing that the government can detect money laundering, tax evasion, and terrorist financing.” Currently, bitcoins are used to purchase fentanyl and other narcotics, making it an unique technology that has directly resulted in fatalities.”

While Gates recognized that cash may be used to acquire illicit narcotics, he said that cryptocurrencies made it simpler. “Yes, anonymous currency is used for these types of activities,” Gates remarked, “but you have to be physically there to transfer it, which makes things like abduction payments more difficult.” (See also: Steve Wozniak: Bitcoin Scammer Stole My Bitcoin)

  Are Visa, Mastercard Rueing Their Crypto Ban?

Gates isn’t the only one who has warned about the hazards and perils of virtual currency. Another example is Vanguard, one of the world’s biggest fund businesses. In a recent blog article, its global chief economist, Joe Davis, forecasted that bitcoin will reach zero. According to Davis, calling bitcoin and other cryptocurrencies currencies is a bit of a stretch. On the one hand, these instruments qualify as real money in the sense that they are a unit of account and a medium of exchange, despite the fact that the number of sellers that take cryptocurrencies is now restricted. However, due of its volatility, Davis believes bitcoin is not a good store of wealth. Few retailers can accept a currency when its value fluctuates drastically on any given day or even hour, hampered adoption and acceptance. “Even if cryptocurrencies qualify for specialized applications, their prospects seem bleak,” Davis stated in the essay.

According to CNBC, economist Mohamed El-Erians said in December that he does not anticipate bitcoins “attracting the kind of adoption that is inherent in the price today.”

Jamie Dimon, CEO of JPMorgan Chase (JMP), made headlines last year when he dubbed bitcoin a “fraud.” He has now said that he regrets making that comment and has applauded blockchain, although a deeper examination of his statements reveals that he did not genuinely flip his view.

You are looking for information, articles, knowledge about the topic Bill Gates Calls Cryptocurrencies ‘Super Risky for Those Who Go Long’ on internet, you do not find the information you need! Here are the best content compiled and compiled by the smartinvestplan.com team, along with other related topics such as: Cryptocurrency.

  Proof of Activity

Similar Posts