According to Bill Gates, the second richest man in the world valued at more than $95 billion, cryptocurrencies and blockchains will help those who live in poverty and do not have access to traditional financial services.
In reference to what the cryptocurrency space calling the world’s ‘unbanked’, he suggested that the world’s poor might not have financial tools to go about their lives but that their labour and potential shouldn’t be underestimated. An inefficient cash economy risks dragging them further into poverty.
The founder of Microsoft believes that the world needs a transformation of traditional economy:
“I see two priorities for the immediate future. First, we need to drive the policy changes to make sure the poor can get engaged at this level and second, we need a measurement system that tracks the progress towards drawing people in not just have accounts but to really benefit from financial activity.”
Digitization of money and related financial systems will help develop vital areas such as health and agriculture, as it is already doing in some African countries.
Gates is not an ardent fan of cryptocurrencies and opposes their use as a speculative tool. However, he does not hide the fact that he sees great potential in digital money. Back in 2014, he stated that “Bitcoin is better than any other currency, since the sender and recipient do not need to physically be in one place to complete the transfer of funds”.