- Several governments have recently been hostile towards the crypto industry.
- USD has been used more for criminal activities and is harder to trace, in comparison to Bitcoin.
Several governments across the globe have been hostile towards the crypto industry, mostly because crypto can be used for money laundering. Many lawmakers have proposed crypto bans multiple times on this account.
Messari conducted a research, which showed that US dollars have been used 800 times more than Bitcoin to launder money. This comes as a piece of disturbing news given the resistance displayed by several government officials towards cryptocurrencies. US President Donald Trump had said that Bitcoin has minimal value and unregulated cryptocurrency can be used for unlawful behavior like drug trade and others (including money laundering). Steven Mnuchin, the US Treasury Secretary, also expressed his concern regarding the threat posed by cryptocurrencies just a few days after Trump's Bitcoin-related tweet.
Messari's research results are pointing towards a direction opposite to the stance taken by these politicians. Bitcoin transactions can be easily traced compared to any other currency, including the US dollar.
Notably, the crypto industry considers such criticisms as publicity for the currency. Some industry experts feel that the government might be more threatened regarding the potential of Bitcoin rather than the currency being used for money laundering as regulation hasn't been successful in taking the situation under control.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout
Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors.
Polkadot price ready to breakout after DOT forms double bottom
Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.
Bitcoin Weekly Forecast: The bull and the bear case for BTC
Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time.
Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China
Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.”
Cyber Monday 2021 Discounts!
Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you?