Gates: Bitcoin Is Better Than Currency

Bitcoin bugs will be pleased to hear that the world’s richest man, Bill Gates has had some kind words for the most popular cryptocurrency.

In an interview with Bloomberg, Gates said: ‘‘Bitcoin is better than currency in that you don’t have to be physically in the same place, and of course for large transactions currency can get pretty inconvenient.’’

Gates had previously called Bitcoin a “technological tour-de-force”. While the first day of Sibos was focused on digital currency, Gates dedicated his keynote speech to issues surrounding the under-banked and financial inequality.

While Gates was relatively upbeat about Bitcoin, he sounded a note of caution on the potential of the digital currency to appeal to the general population because of its popular association with illegal activities such as money laundering.

He said: ‘‘The customers we’re talking about aren’t trying to be anonymous, they’re willing to be know, Bitcoin technology is key and you can add to it or you could build a similar technology where there’s enough attribution where people feel comfortable that this is nothing to do with terrorism or any type of money laundering.’’

It isn’t just the public that is worried about some of Bitcoin’s features. Last week, the US military met with leaders figures in the Bitcoin community to learn more about digital currencies and whether they pose a threat to national security.

 

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