SIBOS 2014 - Bitcoin has received another advocate in the form of Bill Gates

SIBOS 2014 - Bitcoin has received another advocate in the form of Bill Gates

6 October 2014, 06:11
Bill Gates believes that the digital currency is a revolutionary technology and key. He was participating in SIBOS 2014 at Boston.

Talking to Bloomberg TV’s Erik Schatzker, Bill Gates admitted said that the Bitcoin technology is key. The statement from the Microsoft founder is an indication that he no longer considers Bitcoin merely a technological tour-de-force but more than that. Bill Gates gave the final speech at SIBOS 2014, the annual SWIFT banking conference.

The event is being held this year in Boston and attracting participants from financial and banking services industry. In his speech, Bill Gates shared his vast well of experience with the Bill and Melinda Gates Foundations’ efforts to combat financial inequality around the world and also talked about the promising digital currency technology.

Bloomberg News‘ Schatzker asked candid questions whether or not Bitcoin fits the bill; however, Bill Gates still marked worries about Bitcoin’s use in terrorism and money laundering. Thus, so far from his statements about Bitcoin, it is clear that he now recognizes the promise of Blockchain technology.

Eric Schatzker asked about the need to move money from place to place and the cost to do so i.e. the overhead vis-à-vis Bitcoin. Answering to the question Bill Gates said that Bitcoin is exciting because it shows how cheap it can be. According to him Bitcoin is better than currency in that users 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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