Gates believes that the lack of anonymity in currency helps the society, because in this case the state can effectively monitor money laundering, detect citizens evading taxes and prevent the financing of terrorists.
The billionaire also says that cryptocurrencies “caused deaths in a fairly direct way,” and are not a “good thing”, indicating that it’s very easy to buy drugs online without any consequences with the help of cryptocurrency.
“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,” he said.
After one of the users of Reddit expressed his opinion that drugs can also be bought for cash, Gates rose to defend his position:
“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,” he said.
Undoubtedly, the ideologists of the cryptocurrency world will meet Gates’s opinion with a large share of the negative, because they are convinced that first of all, cryptocurrencies brought decentralization and as a result inexpensive money transfers around the globe.
The statement that cryptocurrencies kill people is very controversial. For example, the creator of the anonymous trading platform Silk Road, Ross Ulbricht is convinced that violence and death thrive in the drug business just because of the usual currency, because the exchange occurs using traditional fiat money, which no one prohibits.
Cryptocurrencies and Tor (an anonymous browser), in fact, have brought at least a part of the drug business to the Internet, if not all of it, which as a consequence reduced the risk of being killed when buying drugs for cash.