What Does Bill Gates Think Of Bitcoin?

In a Reddit Ask Me Anything (AMA) session, Bill Gates gave his thoughts on Bitcoin and digital currencies.

Gates commented that “Bitcoin is an exciting new technology” and that digital currencies are a part of his Foundation’s work in connecting banking services to the poor.

Gates’ Foundation, however, does not utilize Bitcoin for two reasons. “One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.”

The billionaire philanthropist did note that financial transactions will become cheaper using digital currencies and “Bitcoin related approaches” although ensuring “that it doesn't help terrorists is a challenge for all new technology.”

Progress is being made in getting digital currencies adopted in poor countries according to Gates and he is “hoping to have India and Nigeria going in the next 2 years if things go well.

Kenya, Tanzania and Bangladesh still need improvements but “have grown a lot,” said Gates.