- 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
Bitcoin bulls ignore China warning amid a potential rally to $45,000
Bitcoin has kicked off the August month on the right footing, looking to extend the previous week’s 15% gains amid favorable fundamental and technical catalysts. Looking at the daily chart, the BTC price is gathering pace to initiate a fresh upswing towards the horizontal 200-Daily Moving Average (DMA) at $44,750.
Dogecoin price preps up for a rally towards $0.30
Dogecoin price is jumping this Sunday, displaying a solid start to August, as a fresh buying wave grips the crypto market. DOGE price confirms a triangle breakout on the 4H chart. The bulls target $0.30 amid the renewed upside momentum.
Shiba Inu Price Prediction: Tide turning in favor of SHIB bulls, as $0.00000750 beckons
Amid an upbeat momentum seen across the crypto board, Shiba Inu is looking to extend Saturday’s upswing from near the $0.00000590 support area. The focus remains on Sunday’s close to confirming a falling wedge breakout on the 1D chart.
Ethereum Price Prediction: $2500 - a tough nut to crack for amid impending death cross
Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation. However, with the RSI still trending above the midline, the ETH buyers could defy the bearish warning.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.