Bill Gates goes off on crypto market, bitcoin leaps up anyway

Posted 02 March, 2018

Although Bill Gates called cryptocurrencies speculative and unsafe investment, Bitcoin has skyrocketed on Friday anyway.

According to news reports, the major virtual currency was quoted at $11,148 on the Bitfinex this week, which is some 7.2% up d-o-d. At the same time, Ethereum on the Bitfinex posted less dramatic upturn coming to $871.46 (1.3% up).

Ripple coin rose in price on the Poloinex to $0.90279. Litecoin was seen changing hands at $209.55 (5.5% up).

It is reported, that Bill Gates really surprised some investors. According to his message, Microsoft's chief considers cryptocurrencies as highly risky assets to invest in, while in fact, they indirectly help “killing people in a fairly direct way”. Specifically, he commented that such coins were detected as payment means in drug deals.

“The main feature of cryptocurrencies 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 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 and cryptocurrencies is super risky for those who go long,” he commented.

For reference, he is not the first to talk about the possible connection of cryptocurrencies with illegal activities – many officials from different countries expressed suspicions on the matter.

With the Coincheck case, Japanese exchanges announced on Friday that they intend to set up self-regulatory authority. However, the statement does not unveil any details of the new organization. As it was reported, last month Tokyo-based Coincheck exchange was hacked and lost coins for $530 million in total. As a result, this heist underlined low safety of this sector and made authorities consider tougher crypto market regulation. 

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02 March, 2018 17:40

← Bitcoin still close to $11,000, Bank of England also points out need for crypto segment control

Bitcoin remains strong on Friday fluctuating near $11,000 getting support from the BOE's representative notice. The Government of Bank of England, Mark Carney stated today digital coins "were failing as a form of money" and their regulation is required in the market. In the second half of Friday prices for cryptocurrencies showed different changes.

Bitcoin still close to $11,000, Bank of England also points out need for crypto segment control

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