Bill Gates: Bitcoin Alone Won't Solve Global Payments Challenges
Bill Gates has commented on bitcoin's possible future ahead of the release of the Bill and Melinda Gate Foundation's annual letter.
Microsoft co-founder Bill Gates has said digital currencies could have an impact on global remittances, but suggested that bitcoin isn't the best application of the technology.
Gates, speaking with Backchannel before the release of the Bill and Melinda Gates Foundation’s annual letter, spoke about a number of subjects, including the role of mobile technology in developing economies and artificial intelligence.
When asked about digital currencies like bitcoin and the technology’s ability to deliver cheaper global transactions, Gates said he thinks bitcoin will not be the distributed payment system used in the future, but that it holds the potential to make a huge impact nonetheless.
Gates has offered a cautiously optimistic viewpoint on bitcoin in the past.
Barriers to adoption
Gates told Backchannel that while bitcoin and its underlying technology can make transactions easier to move – and cheaper to do so – he believes problems like the fluctuation of value and a lack of transaction reversibility within the network are significant barriers to broader adoption.
“We need things that draw on the revolution of bitcoin, but bitcoin alone is not good enough,” he concluded.
Image via Wikimedia
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.