Tuesday, February 23, 2021

Gates used to want to “bet against bitcoin” – and today?


Too much speculation, too much room for abuse.


Source: Startit

Photo: EPA EFE, ANDY RAIN

Bill Gates, co-founder of Microsoft and (currently) the fourth richest man in the world, mentioned in an interview with the Wall Street Journal (WSJ) that it would be good to get rid of cryptocurrency.

Briefly answering the question “Without what innovation could the world do without?”, Gates first mentioned bitcoin, and then changed his mind and said “bio-weapons are the right answer after all”.

In previous years, Gates criticized the speculative nature of cryptocurrencies, believing that there was no value behind them, and stated that “I would bet against them if there was an easy way to do it.” A similar view is held by many who see the potential for bubbling in a recent assessment of bitcoin values. Such criticisms are reasonable, bearing in mind that thanks to large oscillations in the value of bitcoin, many people lose money quickly and easily.

According to MarketWatch, in a recent interview for the American television CNBC, Gates said that today he has a “neutral attitude” towards bitcoin, because he neither owns the cryptocurrency, nor bets against it.

As part of his foundation, Gates is working to spread digital currencies in developing countries, but he is doing so with the goal of enabling greater transparency and easier returns. Today, Gates is most bothered by the possibilities for criminal activities that enable the anonymity of cryptocurrencies, and that possibility of abuse is most likely the main reason for his current position, Startit reports.

On the other hand, Microsoft recently patented its cryptocurrency system, based on alternative mining methods, such as body temperature and brain waves. It remains to be seen whether this new system will be in line with the ideals of the company’s founders.

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