Bill Gates reveals: This is why he links Bitcoin to tax evasion and illegal activity
Billionaire and Microsoft co-founder Bill Gates says he neither holds nor shorts Bitcoin. Instead, Gates claims he is neutral on the leading cryptocurrency.
However, his subsequent comments contradict his first statement. While he supports the Bitcoin Era digitisation of money, he believes that Bitcoin (To buy Bitcoin cheap platforms comparison) encourages tax avoidance and illegal activity.
Instead, Gates favours the central bank approach to digital money – with reversible transactions and direct identity attribution.
„I don’t own Bitcoin. I’m not short on Bitcoin. So I’ve taken a neutral view. I think putting money into a more digital form and lowering transaction costs is something the Gates Foundation is doing in developing countries.
But there we do it in a way that you can reverse the transaction, you have total transparency about who’s doing what, so it’s not about tax avoidance or illegal activity.“
Gates turns to charity work
Pioneer or industrial thief? Regardless of which side you’re on, Gates‘ impact on the digital age is undeniable.
Since leaving his position as Microsoft’s chief software architect in 2000, Gates has increasingly focused on charity work through the Gates Foundation.
In 2020, he decided to devote more time to this task and retired from Microsoft’s board. However, he mentioned that he is always available as an advisor.
„I’ll be devoting more time to philanthropic priorities, including global health and development, education, and my growing commitment to tackling climate change.“
The bitcoin community weighs in on Gates‘ comments
During this transition, Gates has become known less as a tech innovator and more as a philanthropist. Bitcoin bull Anthony Pompliano suggests this has blunted his understanding of disruptive technology.
„It’s wild to hear one of the smartest men in the world so uninformed and uneducated about one of the most disruptive technologies.“
Similarly, Binance CEO Changpeng Zhao tried to dismiss Gates‘ ill-informed comments – saying Gates had earned the right to stop being „bleeding edge“.
„But he is at a different stage in his life. He is not on the bleeding edge, leading, pushing, etc. He doesn’t have to be.“
Crypto analyst Dan Held, on the other hand, comments that there is some truth to Gates‘ comments about high fees and excessive energy consumption. But overall, Held believes Gates has not taken the time to understand bitcoin.
However, as a former Berkshire Hathaway board member and close friend of Warren Buffett, Gates‘ position on Bitcoin (Can Bitcoin Crash?) should not surprise anyone.