What The World's Richest Person Thinks Of Bitcoin

Bill Gates on Wednesday gave his thoughts on bitcoin and digital currencies in a Reddit Ask Me Anything (AMA) session

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.

Bill 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.”

Related Link: Bill Gates On Microsoft: 'More Progress Than Ever In Next 30 Years'

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.