Bill Gates says cryptocurrency is one innovation the world could do without
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Bill Gates, the Microsoft co-founder and technological whiz turned philanthropist, may not be a fan of bitcoin and digital-assets.
Asked during an interview published on Thursday with The Wall Street Journal what technological advancement the world could do without, Gates had this to say:
“The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that,” he quickly added: “I probably should have said bio weapons. That’s a really bad thing.”
The comments from Gates implies that the billionaire technologists is no bitcoin BTCUSD, -0.71% BTC.1, -1.09% enthusiast but his remarks may simply suggest that he feels that cryptocurrencies are prone to abuse by swindlers and in money-laundering schemes—a common criticism of the decentralized digital asset that was created in 2009.
During a CNBC interview that aired on Thursday, Gates adopted a more moderate stance, describing his views on bitcoin as “neutral.”
“I don’t own bitcoin, I’m not short bitcoin, so I’ve taken a neutral view,” he said in the interview that aired on CNBC’s “Sqawk Box” show.
“I do think moving money into a more digital form and getting transaction costs down, that’s something the Gates Foundation does in developing countries,” he added.
“Bitcoin can go up and down just based on the mania or whatever the views are and I don’t have a way of predicting how that will progress,” he Bitcoin prices have seen parabolic moves of late, despite critics who say that it is a technology looking to solve a problem that doesn’t exist, while using outsize amounts of energy to create a single bitcoin.
To be sure, this isn’t the first time, Gates has discussed bitcoin and cryptos but has beliefs have wavered over time. Back in 2018, he said in a separate “Squawk Box” interview that he would bet against bitcoin if he could.
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,” Gates said on CNBC two years ago.
Prices of the cryptocurrency were trading above $52,000 on Thursday and have gained nearly 80% so far in 2021. By comparison, the Dow Jones Industrial Average DJIA, -0.38% was up 2.7%, the S&P 500 index SPX, -0.44% was holding on to a 4% year-to-date gain, while the Nasdaq Composite Index COMP, -0.72% is up nearly 8% so far this year. Gold GC00, -0.21%, an asset that bitcoin is often pit against, is down 6.4% since the start of 2021.
Gates, who boasts a net worth of $123 billion, according to Forbes, making him the second wealthiest man in the world behind Amazon.com’s AMZNJeff Bezos, has been getting more attention from his comments on the COVID-19 pandemic, which has ravaged the domestic economy and brought most of the world’s business and personal activity to a screeching halt.
click here to see the interview : https://bit.ly/3k4DKUw of bill gates about the bitcoin.
The Indian government has tabled the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the parliament.
HIGHLIGHTS
Government has proposed a bill on crypto-currencies.
The bill may regulate or ban crypto-currencies in India.
Government plans to introduce its own crypto.
If the Indian government decides to propose a ban on cryptocurrencies, it needs to come up with a path to reimburse 7 million people who hold assets worth over $1 billion, believes Nischal Shetty CEO of one of India’s leading investment platforms WazirX. Nischal is still hopeful that a complete ban of cryptocurrencies including bitcoin is unlikely and the government may just regulate the trade. To recall, the Indian government has tabled the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the parliament.
The proposal comes at a time when several cryptocurrencies including Bitcoin and Dogecoin have seen a massive surge in their value. Bitcoin has crossed the $50,000 mark for the first time after getting investment from Elon Musk’s Tesla. Shetty said that even WazirX witnessed a rise in sign-ups following Musk’s investment. He said that investors must also understand that cryptocurrencies are high risk investment tools, and they need to do their research before investing.
Here are the edited excerpts of the interview:
The proposed bill to ban cryptocurrencies in India have once again brought them to spotlight. How do you think this bill can impact the industry?
We know that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is among the list of bills to be presented in this Parliament session. However, I want to add that the contents of the bill are not known. I’m optimistic that our government will not go for a regressive move like an outright ban. As per Mr Anurag Thakur’s statement in the Parliament, the bill is drawing upon Garg Committee’s IMC report titled as “Banning of Cryptocurrency and regulation of official digital currency” in 2019. This has probably been tweaked to be now called “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. It’s interesting to notice that this time around, there’s no mention of a ban in the name of the bill. Mr. Thakur has also added that their intention is to regulate crypto.
If the bill proposes a complete ban on crypto however unlikely the government has to come up with a path to help 7 Million+ people who currently hold assets worth $1 Billion+ on how to reimburse them for this. The government cannot erase wealth of such a large section of people in India as it would likely lead to an economic crisis in the country..
If a blanket ban is imposed. What are the numbers we are looking at? How many investors or how much wealth can be hit?
Today, the crypto community consists of over 10 Million HODLers, 300+ startups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. A blanket ban will not only affect investors, but also honest businesses, employment of thousands of people, and our economy adversely. The right crypto regulation will push India ahead in this innovative technology while wrong regulation such as a ban on Crypto will set our country back by a decade. We’ll never be able to catch up with the rest of the world and end up losing a golden opportunity in this sector.
Interestingly, this bill is being discussed at a time when Elon Musk has invested in Bitcoin. How do you think that can change the dynamics?
I’m optimistic that our leaders will at least discuss with us industry participants to understand the ground realities of Crypto before going ahead with any bill around this technology.
Compared to the US and other countries, India has lesser institutional participation in crypto, and it’s due to regulatory uncertainty.. Institutional players would need regulatory clarity before participating in a new asset class like crypto. Regulation will certainly help the crypto industry in India.
Have you seen a surge in number of investors in India following Musk’s investment?
The most recent news of Tesla buying $1.5 Billion worth Bitcoin and adding it to its treasury funds has caused Bitcoin price to cross $50,000 for the first time. We have seen a surge in our trading volume and user signups since then. Such news about institutional participation encourages retail investors to read and understand about crypto as an alternative investment class.
When global leaders are backing cryptocurrency and Tesla has even decided to accept it for payment, what do you think is stopping India from embracing it?
It’s mostly the lack of information. Unfortunately, India hasn’t yet been able to create deep expertise in crypto. Blockchain is a nascent technology, and Indian government needs to involve technologists in understanding it.
WazirX is a part of the Internet and Mobile Association of India (IAMAI). Currently, we are working on a code of conduct for cryptocurrency companies in India. The code of conduct lays out a guideline for KYC/AML and other regulatory-related features. This will help curb the illegal activities as well as scams. This way, exchanges can also help the law enforcement agencies as well as educate masses.
Developed countries such as US, UK, Japan, Australia, EU region, etc. are tackling crypto in a similar way so that they foster innovation and fight crime at the same time.
There are definitely few grey areas. As far as investors go, what should they keep in mind while investing in cryptocurrency?
Cryptocurrency is new alternative asset class. With increasing institutional participation, Bitcoin is emerging as a store of value around the world. Over the next few months, we’ll see crypto go mainstream faster with more retail investors, and first-timers entering the market. As a first timer in crypto, the most important thing you should bear in mind is that that crypto is a high risk, high reward investment option. You should invest based on your risk appetite.
I also recommend using legitimate exchanges that follow KYC and AML guidelines. Like any other industry, it’s important to beware of get-rich-quick scams or people who promise to double the invested amount, etc.
Apart from bitcoin, what are the other cryptocurrency investors should keep an eye on?
Bitcoin has been around for over a decade, and it has withstood two global recessions. It is now emerging as a mainstream investment class around the world. As of today, there are over 8400 cryptocurrencies available. As an investor, I’d recommend that you do your due diligence before investing in any cryptocurrency. Before investing in a project, we recommend users to always read its whitepaper, about the team and their background, project development status, and team activity on social media
CRYPTOCURRENCY
Bitcoin surpasses $50,000 for first time as major companies jump into crypto
Bitcoin surged to an all-time high of more than $50,000 on Tuesday. Large firms like Tesla, Mastercard and BNY Mellon have shown support for cryptocurrencies. Many crypto investors believe the current bull run is different to a late 2017 bubble. Bitcoin tops $50K as major companies jump into crypto Bitcoin’s price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies. The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics. It later fell below the mark, trading 0.2% higher at a price of $48,760. Bitcoin has gotten a boost from news of large firms like Tesla and Mastercard showing support for crypto. Tesla last week revealed it had bought $1.5 billion worth of bitcoin and plans to accept the digital coin as payment for its products, while Mastercard said it will open up its network to some digital currencies. PayPal and BNY Mellon have also made big moves to support crypto. Tesla’s use of corporate cash to buy bitcoin sparked speculation over whether other major companies would follow suit. Uber CEO Dara Khosrowshahi told CNBC last week that the company had discussed but “quickly dismissed” the idea of buying bitcoin but is considering whether to accept cryptocurrencies as payment. These developments have led many crypto investors to believe the latest bull run is different than past rallies. Bitcoin skyrocketed to nearly $20,000 in late 2017 before losing more than 80% of its value the following year. Bitcoin believers say that, whereas the 2017 bubble was driven by retail speculation, the current cycle is being fueled by demand from institutional investors. “I think bitcoin is a much more stable asset class today than it was three years ago,” Michael Saylor, CEO of enterprise software firm MicroStrategy, told CNBC’s “Street Signs Asia” program on Tuesday. “It used to be dominated by leveraged retail traders … on international markets with a lot of leverage.” MicroStrategy and Jack Dorsey’s fintech firm Square hit the headlines last year after taking the unusual strategy of using corporate cash to purchase bitcoin. “I think that starting in March of 2020, you saw institutions start to arrive, and I think in 2021 you’re going to see that trend continue,” Saylor added. “There’re enthusiasts for bitcoin as a medium of exchange, … but I personally believe that the compelling use case is a store of value.” MicroStrategy has seen its share price climb more than sevenfold since it first bought bitcoin in August. The company announced Tuesday that it will offer $600 million in convertible bonds to buy more bitcoin. There has been speculation that MicroStrategy offered a blueprint for Tesla’s bitcoin purchase after an exchange between Saylor and Elon Musk on Twitter about making “large transactions” with the cryptocurrency. Still, skeptics see bitcoin as a speculative asset and worry it may be one of the biggest market bubbles in history. Economists like Nouriel Roubini say that bitcoin and other cryptocurrencies have no intrinsic value. And a recent Deutsche Bank survey said investors view bitcoin as the most extreme bubble in financial markets.
TIPS AND TRICKS
BITCOIN HAS SUPRASSED $50000 AND NOT STOPPING AND GOING MORE MORE AND WILL HIT MORE.
YOU THINK YOU ARE TOO LATE BUT YOU ARE NOT THERE ARE STILL 21MILLION BITCOINS TO MINNED AND THEY WILL REMAIN UPTO 2051 SO WHY ARE YOU NOT STARTING.
FOR NOW YOU SHOULD GO FOR BITCOIN CAUSE IT HAS LOT OF MARKET CAP AND IT CAN GIVE YOU BIG BUCKS.
AS YOU CAN SEE IT HAS BEEN GROWING VERY RAPIDLY AND ITS GRAPH SHOWS THAT IT FIRST IT HAS UP AND DOWN BUT NOW ITS ONLY UP AND EVEN IF FALLS DOWN IT FALLS DOWN ONLY LITTLE AND AGAIN GO UP. 
Based solely on its price history, bitcoin has been a winning investment. In January 2009, it had no value; 12 years later in February 2021, it surpassed $50,000 for the first time. However, it can move violently, and unlike traditional markets, there are no circuit breakers or closing bells to stop trading.
IF YOU HAVE NO KNOWLEDGE ABOUT CRYPTOCURRENCYS THEN CLICK BELOW TO ATTEND CLASSES.
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