Bill Gates is a bitcoin fan

By on October 7, 2014

‘Bitcoin is better than currency’, according to the billionaire Microsoft founder.

The march of Bitcoin continues with the addition of a high profile fan: Bill Gates.

The virtual currency is better than the hard cash kind, the billionaire Microsoft founder said in an interview with Bloomberg.

But before anyone rushes out to a Shoreditch Bitcoin ATM, he didn’t recommend we ditch quids and greenbacks propecia generic wholesale just yet.

Gates thinks the cryptocurrency is exciting because it makes moving money cheap. ”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,” he said in the interview at Sibos, a finance conference in Boston where he spoke on his foundation’s efforts to bring financial services to the world’s poor.

Gates, who has previously called Bitcoin a “technological tour de force”, did nod to the cryptocurrency’s image issues.

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

The virtual currency crashed from a high of R11 000 in December 2013, to as low as R3 600 in April this year, after online drugs marketplace Silk Road, which accepted it as payment, was shut down and Bitcoin exchange Mt Gox filed for bankruptcy. It’s now trading at R3 700.

Any entirely new invention or innovation is bound to have teething problems, particularly when it is upending something that seemed so immutable. But with Bill Gates on board and George Osborne spearheading a review into its uses in the UK, it doesn’t seem to be going anywhere just yet.

You must be logged in to post a comment Login

Leave a Reply