When Bill Gates introduced the Windows® operating system it changed how we use computers forever and made Gates one of the wealthiest men on the planet.
But it was also Gate’s unique business model that made Microsoft the powerhouse that it is today. Instead of hiring programmers to write his code he chose mathematicians, physicists and other scientists under the theory that if they were that smart computer programming would be a piece of cake. Gates was most certainly correct as the company’s success amply demonstrates. Now this software legend is adding his thoughts on Bitcoin and what it might mean to the future.
Gates has been mostly silent on the issue of Bitcoin, which is a bit strange considering his background in both tech and business, but he finally broke his meditation about Bitcoin in a recent interview with Erik Schatzker on Bloomberg TV’s Smart Street show recently. Schatzker asked his opinion of cryptocurrencies during the interview and Gates replied:
“Bitcoin is exciting because it shows how cheap it can be. 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.”
But the richest man in America did not stop there. He went on to talk about the bad reputation that Bitcoin has gotten from a media that only seems to report when something bad happens, such as Mt. Gox and Silk Road. While Bitcoin has been used by criminals over the years, in today’s world this is simply no longer as true because more and more ordinary citizens are adopting it with enthusiasm. Gates shed light on this aspect, stating:
“The customers we’re talking about aren’t trying to be anonymous. They’re willing to be known, so Bitcoin technology is key and you can add to it or you could build a similar technology where there’s enough attribution where people feel comfortable that this is nothing to do with terrorism or any type of money laundering.”
Gates also spoke at the Sibos 2014 financial-services industry conference in Boston recently and while his support for a new age in finance was not apparent, he was most definitely in favor of using Bitcoin as a payments solution at the very least. During his speech he made it clear that he believed virtual currencies will take the forefront leading to all financial transactions being “digital, universal and almost free.”