‘Bitcoin is DEADLY’ says Billionaire Bill Gates after he pointed cryptocurrency is utilized for drug trade.
The Microsoft founder has railed against cryptocurrencies for anonymous payments because they make it difficult for law enforcement and help propagate the deadly drug trade, it has been revealed.
It can be remembered has commented on Bitcoin several times throughout its existence and in the past he called it a “techno tour de force”.
During an “ask me anything” discussion on the social media platform Reddit, the tycoon blasted cryptocurrencies for causing “direct deaths” as a result of the illicit drug industry.
“The main feature of cryptocurrencies is their anonymity,” Gates said.
“I don’t think this is a good thing,” he added.
“The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.
“Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.
“I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long,” the world’s richest man said.
In layman’s term, fentanyl is an opioid which is used as a pain medication but has recently been linked to deaths after it has been found laced in street heroin.
It is much stronger than heroin and is considered to be much more lethal.
He also said that anonymous e-cash has the potential to make criminal dealings more efficient.
“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,” Gates said during the discussion via Reddit.