Bill Gates: Bitcoin Is ‘Better Than Currency’

After long remaining mostly mum on Bitcoin, Microsoft’s legendary co-founder Bill Gates has spoken. At the Sibos 2014 financial-services industry conference in Boston, America’s richest man just threw his weight behind the controversial cryptocash. Well, at least as a low-cost payments solution.

At the event, when asked about Bitcoin’s potential to ease the cost of payment transactions for moving money from one place to another Gates waxed mostly positively about the virtual money.

“Bitcoin is exciting because it shows how cheap it can be,” he told Erik Schatzker during a Bloomberg TV’s Smart Street show interview yesterday. “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.”

Gates again reiterated his stance on cryptocurrencies when he delivered the event’s closing keynote address, in which he stated that, in the future, financial transactions will eventually “be digital, universal and almost free.”

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