Bill Gates seems to have a positive view of the future of virtual currencies. Mr. Gates has already shown support for virtual currencies in the past. Now, he said that this technology can empower the world’s poorest. The information was released a few days ago by Bill Gates on YouTube.
Bill Gates Positive About the Future of Cryptocurrencies
Back in 2014, the founder of Microsoft commented to Bloomberg that Bitcoin works in a better way than other currencies. He stated that it was better for large transactions and because Bitcoin is more convenient because it is not necessary to be physically in the same place.
Talking about the financial world and system, he said that cryptocurrencies could help those unbanked. He mentioned that the world poorest people do not have financial tools and access as other individuals. This is something that does not help them go out from poverty and vulnerable situations.
He has also said that the digitalization of money and financial systems can help those that live in poverty. Additionally, it might be possible to develop different other areas such as health and agriculture.
Abraham Cambridge, the CEO and founder of Sun Exchange, commented about it:
“Together, we are working towards a world where no one is forced to cook with unsafe kerosene or wood-burning stoves, no child has to worry about how they will study after dark, and lack of access ceases to propel cycles of poverty.”
Using virtual currencies it might be possible to reduce around 90% of the costs of a single transaction. Each Bitcoin transaction can cost just a few cents, and other networks have even smaller fees. About the future, he says that there are two priorities. The first one is that it is necessary to drive policy changes to make sure the poor can get engaged at this level.
The second thing he says that we need is a measurement system that is able to track the progress towards drawing people. He went on saying that this does not mean to have accounts but also benefit from financial activities.
In Venezuela, citizens are using virtual currencies in order to survive the hard crisis that is affecting the country. With these digital assets, users are able to store value and avoid losing their salaries with hyperinflation.
