Bill Gates: Cryptocurrencies will help overcome poverty
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Dec. 10, 2018
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Bill Gates, co-founder of Microsoft (NASDAQ: MSFT) and one of the richest men in the world, shared his thoughts on the financial system, digital currencies and poverty in a recent interview. According to the philanthropist, cryptocurrencies and the blockchain technology will help those who live in poverty and do not have access to traditional financial services.

Gates remembered that many of the worldwide unbanked still do not have access to financial instruments that could allow them to benefit from the (even if scarce) resources they have, stating that “an inefficient cash economy risks dragging them further into poverty.” In this context, and according to him, the digitalisation of money and of related financial systems has the potential to directly support the ones currently in poverty.

“I see two priorities for the immediate future. First, we need to drive the policy changes to make sure the poor can get engaged at this level and second, we need a measurement system that tracks the progress towards drawing people in not just have accounts but to really benefit from financial activity.”

Why it is important

  • Bill Gates is not a warm fan of cryptocurrencies and is against their use as a speculative tool. However, his perspective might change — since he does not hide the fact that he sees great potential in digital money. Just remember that back in 2014 he stated that “Bitcoin is better than currency in that you don’t have to be physically in the same place — and, of course, for large transactions, currency can get pretty inconvenient”.

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