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There are many influential figures in the financial world who have expressed different opinions on Bitcoin and the future of cryptocurrency. One of these is Bill Gates, the main founder of Microsoft and one of the richest individuals in the world. It is important to note that the influence of Gates is not limited in any way to the financial or technological world, as it is considered one of the most important figures in philanthropy. In particular, he founded the largest charity organization in the world, the Bill and Melinda Gates Foundation, which he has finished $ 50 billion of assets. The main objectives of the Foundation are to reduce poverty and increase access to information technology. Gates himself has donated over $ 28 billion to the Foundation.
While philanthropy could be a passion for Bill Gates – he has offered different opinions on Bitcoin over the years. Since Gates has a typical financial status and is widely considered one of the most influential people in the world. One way this is evident is the fact that it is able to influence other billionaires, like Zuckerberg spoke on how the business magnate defined his "hero". For example, Gates joined the legendary investor Warren Buffett and convinced 40 billionaires to donate half of their wealth, even if it is more a "promise" than a legal agreement.
Flip-Flopping on Bitcoin
Gates has an immense amount of wealth of over $ 95 billion. Many in the cryptocurrency community feel that his negative comments on Bitcoin have more to do with the fact that he could be threatened by the fact that fiat currency – which he has in abundance – could be threatened. Others dismiss this idea, explaining that Gates could always buy Bitcoin if it thought it was a solid investment. Obviously, the influence of Gates means that his comments could influence the price.
For example, during an AMD Reddit in February 2018, Gates seemed to do everything to highlight the dangers of Bitcoin. In particular, he he has declared: "The main characteristic of cryptocurrencies is their anonymity, I do not think this is a good thing. The government's ability to find money laundering, tax evasion and terrorist financing is a good thing. At the moment, cryptocurrencies are used to buy fentanyl and other drugs, so it's a rare technology that has caused death quite directly. "
Months later, he seemed to go over with his comments, suggesting that he would make short Bitcoin if there was an easy way to do it. "He told CNBC that it was a" pure ", more crazy, theory-like investment." He elaborated, "Bitcoin and ICO, I completely believe [they’re some] of the most crazy and speculative things ".
The Winklevoss Twins, two of the best-known leaders in the cryptocurrency space, responded to Gates. Tyler Winklevoss is the founder of the Gemini cryptocurrency exchange and the two has paid millions in Bitcoin in 2013, which has given them a good return. They urged Gates to put his money where his mouth is. His tweet in May 2018 became viral and Gates never answered:
expensive @BillGates there is an easy way to short bitcoins. You can short #XBT, the @CBOE Bitcoin (USD) Futures contracts, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
– Tyler Winklevoss (@tylerwinklevoss) May 7, 2018
Gates Coming Around
An interesting aspect of Gates's negative comments is that he actually praised Bitcoin years ago. For example, he told CNBC in 2014 which was "better than the currency". He explained that he showed how fiat currency can be "uncomfortable" when it comes to "big transactions".
Gates seems to be around for Bitcoin and cryptocurrency in general, since it seems to realize that it has huge applications when it comes to helping those who are poor without access to traditional financial institutions.
In this video – Gates says: "If we were building a financial system from scratch today, we would do it on a digital platform, digital could reduce the cost of a transaction series by up to 90%, offering almost universal access to products and services innovative financing. "
It refers in particular to how the cryptocurrency could help the poorest people in the world, elaborating: "With over 2.5 billion people unable to [get] formal financial services, the opportunity forces us to do it. The poor have goods: their intellect, their work, their savings – their problem is that they have no financial instruments to capitalize on these resources. They are trapped in an inefficient economic economy that deprives them of opportunities to insure themselves against risk, invest in their productivity and ultimately help to lift them out of poverty ".
He added, "Transforming the underlying economy of financial services through the digital currency will help those living directly in poverty".
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