Investing.com – Bitcoin’s price rallied on Friday, despite reports that Bill Gates slammed crypto-currencies as speculative and dangerous investments.
Bitcoin was trading at $11,148.0 by 2:10am ET on the Bitfinex exchange, up 7.2% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, gained 1.3% at $871.46 on the Bitfinex exchange.
Ripple’s XRP token, was up 2% to $0.90279 on the Poloniex exchange.
Meanwhile, Litecoin was trading 3.2% higher at $209.55.
Although not a directional driver, Microsoft founder Bill Gate’s comment raised some eye brows today as he said crypto-currencies are “super risky” and “killing people in a fairly direct way”, noting that digital coins like Bitcoin were used to buy drugs like synthetic opioid fentanyl.
Gates said in an “ask me anything” session news website Reddit that the anonymity nature of such investment meant they could easily be linked to terrorist funding and money laundering.
"The main feature of crypto-currencies is their anonymity. I don't think this is a good thing. The government's ability to find money laundering and tax evasion and terrorist funding is a good thing,” said Gates.
"Right now, crypto-currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs [initial coin offerings] and crypto-currencies is super risky for those who go long."
Elsewhere, Japan’s 16 official crypto exchanges would set up a self-regulatory body, according to a statement released on Friday. Details including the organization’s name and the scope of its powers were not disclosed at the moment.
The news came following hackers stealing digital money worth $530 million from Tokyo-based cryptocurrency exchange Coincheck last month.