The richest tech billionaire Bill Gates has issued a warning regarding cryptocurrencies during an “Ask Me Anything” session on Reddit.
Gates was asked for his opinion regarding the increase in popularity in cryptocurrencies.
The former Microsoft CEO stated that main feature of cryptocurrencies is the anonymity it provides users. Gates went onto state that this feature can be harmful to society
“The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing,” Bill Gates stated.
Naturally, users posed the question that traditional fiat currencies have been used for criminal activities.
“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 responded.
The 62-year-old philanthropist went onto urge caution against people investing in cryptocurrencies, specifically ICO’s (Initial Coin Offerings).
“Speculative wave around ICOs and cryptocurrencies is super risky for those who go long,” Gates went onto state.