However, Gates quickly added that his foundation focuses on using forms of digital currency in order to reduce transaction costs in developing countries. He added:
I do think moving more money into a more digital form and getting transaction costs down, that’s something the Gates Foundation does in developing countries.
But, there we do it so you can reverse the transaction… so you have total visibility of who is doing what. It’s not about tax avoidance or illegal activity.
Bill Gates refrained from forecasting the future of the Bitcoin market and claimed that the uncertainty of the asset prevented him from doing so. He said:
Bitcoin can go up or down just based on the mania or whatever the views are and I don’t have a way of predicting how that will progress.
This wouldn’t be the first time the philanthropist has commented on the asset. Back in 2018, Gates said he would shorten Bitcoin “if there was an easy way to do it.” At the time, he told CNBC that as an asset class, people should not expect Bitcoin to “go up” because it doesn’t “produce anything” and added:
It’s [Bitcoin’s] kind of a pure ‘greater fool theory’ type of investment.
Bill Gates also kept Bitcoin once, after someone had presented him with Bitcoin for his birthday. However, a few years later, he sold it. Currently, the business magnate claims he doesn’t own a bitcoin at all.
“I don’t own #Bitcoin. I’m not short Bitcoin,” says @BillGates. “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.” pic.twitter.com/DDe5X196ax
— Squawk Box (@SquawkCNBC) February 18, 2021
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