One of the biggest names in the world, who has made cameos in such shows as The Simpsons and is the founder of Microsoft, Bill Gates, in a recent video has cemented his interest in cryptocurrency by claiming that it has the potential to empower those in the world that live in poverty.
We can’t forget that overall, Gates has been very much against Bitcoin in the past, there was a time when he strongly expressed his opinions through upbeat remarks. Four years ago, Gates spoke to Bloomberg and said, “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 has recently shared his thoughts on the financial system, human resources, cryptocurrencies and poverty. 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.
According to Bitcoin News, Gates keeps the mindset that the changing underlying economics through the digitalisation of money and related financial systems has the potential to directly help those currently living in poverty. This can also aid the development of areas like health and agriculture as it is already doing in some parts of Africa through different schemes from around the globe. Through their SUNEX reward tokens, the Sun Exchange is a good example with the CEO and founder of the exchange Abraham Cambridge making it clear that such plans are vital for those living in poverty saying:
“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 energy access ceases to propel cycles of poverty.”
In Gates’ own words, he commented on what he sees as the next crucial step in the process of making transactions 90 percent cheaper through digitalisation in making financial products and services available:
“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.”