Bill Gates, co-founder of Microsoft Corporation and one of the richest people in the world, shared his thoughts on the financial system, digital currency, human resources and poverty.
According to Gates, digital technology can reduce the cost of some transactions by as much as 90 percent, providing near-universal access to innovative financial products and services.
He believes that if we could build a financial system from the ground up, it would need to be built on a digital platform.
Gates is confident that the revolutionary blockchain technology, which is fundamentally changing the economy through cryptocurrency, will help those who live in poverty and do not have access to traditional financial services.
In his opinion, the transformation of the familiar economy behind the status quo by digitizing money and related financial systems is necessary. This will help in the global development of important areas such as health and agriculture, as is already happening in parts of Africa.
Gates said that poor people have assets: their intelligence, their work, their savings. The problem is that they do not have the financial instruments to benefit from these resources, they are trapped in an inefficient monetary economy that leaves them unable to hedge against investment risks.
Gates opposes the use of cryptocurrencies as a speculative instrument, but believes they can play a crucial role in the fight against poverty as a universal means of payment.
You May Also Like
The bull run is canceled
Of all the major cryptocurrencies, Bitcoin has seen the smallest decline in value. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and many other assets lost between 7% and 15%.
Opinion: American national debt will provoke a crypto boom
Erik Voorhees, CEO of ShapeShift, said the United States' growing debt, hovering at $21.7 trillion as of November, will cause a huge surge in interest in the cryptocurrency. The CEO suggested that the government, as well as the Federal Reserve, is forced to print fiat money to pay off the national debt, and this inevitably leads to inflation and a weakening of the national currency.
