Cryptocurrencies are risky for investors – Bill Gates

Bill Gates has weighed in on the hype surrounding cryptocurrencies and their applications.

Replying to a question in a Reddit AMA, Gates said the anonymity provided by cryptocurrencies is not necessarily a good thing.

“The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” said Gates.

“The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.”

He also stated that cryptocurrencies are commonly used for illegal purchases and the speculation around their value is risky for investors.

“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,” said Gates.

“I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”

Now read: Self-proclaimed Bitcoin creator accused of stealing $5 billion

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Cryptocurrencies are risky for investors – Bill Gates