(Web Desk) – Microsoft co-founder Bill Gates said recently that cryptocurrencies can cause harm because their main feature is anonymity which is why people use them for black market peer-to-peer transactions, money laundering, tax evasion and other illegal financial exchanges.
Talking in a Reddit ‘Ask Me Anything‘ (AMA) session, he said “The main feature of cryptocurrencies is their anonymity. I don t think this is a good thing.”
“The Governments [sic] ability to find money laundering and tax evasion and terrorist funding is a good thing.
“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 [initial coin offerings] and cryptocurrencies is super risky for those who go long,” he added.
He warmed that the wave of speculation surrounding the usage of cryptocurrencies is “super risky for those who go long.”
While the influential tech executives see digital currencies to cause a negative impression, regular users of alternatives like bitcoin tell otherwise.