Cryptocurrency Anonymity – is this the future of criminal activity? Bill Gates believes so.
The Cryptocurrency revolution has not only raised a red flag for banks and the global financial system, the invasion of virtual currencies has been threatening tax collection and anti-money laundering initiatives. Criminals, tax evaders, and terrorists are effusively capitalizing on the anonymous feature and can turn their black money into white money.
Analysts and global regulators have stressed on taking strong initiatives to avert the criminal activities by regulating cryptocurrencies and banning their anonymous feature.
Some analysts believe cryptocurrencies are pump and dump schemes and don’t have any underlying value to support the price on crypto exchanges. Regulators have strong concerns over the huge price volatility – which is the major reason they don’t consider digital currencies as a medium of exchange.
Bill Gates Blames Cryptocurrency Anonymity Feature For Killing People ‘In a Fairly Direct Way’
The biggest and wealthiest investors, including Warren Buffett, Goldman Sachs, and other fund managers have strongly criticized digital currencies, as they don’t see any real long-term investment opportunity in these coins.
What’s more, Bill Gates – business magnate and Microsoft founder, has also rejected the cryptocurrency revolution, blaming the anonymous feature and saying: “The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now crypto currencies 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 and crypto currencies is super risky for those who go long.”
Should We Listen To Bill Gates Analysis?
Gates opinion looks certainly true, particularly regarding his remarks about the long-term investment opportunity in cryptocurrencies.
Crypto markets are significantly volatile and unpredictable; these assets move on speculations instead of real value enhancement reports. The global authorities are still unsure on how to regulate and tackle virtual currencies; a few countries like Japan are supporting cryptocurrency trading, while others such as China, India, and European Union are showing strong doubts. This is because it’s quite difficult to predict where these currencies are likely to stand in the future.
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