In an interview published by the Wall Street Journal, Gates expresses his thoughts regarding cryptocurrencies. He implies that cryptocurrencies were a digital and technological improvement which the world could do without.
For one, it is obvious that the businessman is not a fan of digital assets and cryptocurrencies. He even came forward to explain his reason for this.
“The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that,” he quickly added: “I probably should have said bio weapons. That’s a really bad thing.”
His reason is fairly stated and has been the major concern for DeFi since the emergence of BTC back in 2009. I believe this should not be the case because if cryptocurrencies are to be regarded officially as globally accepted then substantially, regulatory bodies will be put in place. These bodies won’t be there to interfere with monetary transactions but rather specialize in checkmating possibilities of fraud.
“Bitcoin can go up and down just based on the mania or whatever the views are and I don’t have a way of predicting how that will progress,” he said.
The statement above was made by Gates himself , clearly driving at the volatility of digital currencies as compared to real-time Fiat currencies. In my opinion this is a good thing for holders of these currencies as it extends the benefits of merely holding these currencies. Investment is one of the key concept especially among top currencies like Bitcoin and Ethereum. Gains come faster than real-time investments and they also are not limited to sequential time intervals.
Furthermore. we can compare top currency, Bitcoin and its physical counterpart, Gold. The price of Bitcoin reached a massive 52,000 USD on Thursday and overall in the year 2021, we have witnessed an 80% value surge. This was merely over two months. Whereas for gold, it has declined by 6.4% in the year 2021. I think it is pretty obvious which investment is more suitable especially in the times that we are in.
He finally explains that he was not downplaying cryptocurrencies nor was he criticizing cryptocurrencies. In his own words, his statements were “neutral” views on cryptocurrencies.
“I don’t own bitcoin, I’m not short bitcoin, so I’ve taken a neutral view,” he said in the interview that aired on CNBC’s “Sqawk Box” show.
The great thing is that even with out support one of the most innovative minds the world has ever seen, the rising force of crypto is still at full momentum.
