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Bill Gates Calls Out Cryptocurrencies for Causing Deaths

What happened

Bill Gates, co-founder of Microsoft and one of the richest men in the world, in an AMA session on Reddit said that cryptocurrencies have directly caused deaths.

What now?

“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,” were his words. Gates also claimed that anonymity – one of the core features of crypto – is not really a good thing.

Why is it important

This statement caught our attention as it contradicts Gates’ own involvement in the crypto world. The philanthropy under his name has earlier partnered with cryptocurrency firm Ripple in a bid to help the unbanked. Gates is also known for calling Bitcoin “better than currency” and “exciting”.

What can we learn from it

  •  If we go beyond a catchy phrase, Gates’ comments about the downsides of crypto, in fact, have a factual base behind them – just remember SilkRoad.
  • On the other side, Gates didn’t undermine the technology behind cryptocurrencies. So it’s not about the innovation, but about the way people use it.
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