Whenever there is a money laundering related to Bitcoin, some media outlets start whining about how Bitcoin is prone to money laundering. But these same media outlets keep silent when trillions of dollars are laundered under the rader.
I don’t think that’s a coincidence. These media publications are owned by a lot of powerful people. Those who launder money the most are powerful people. There appears to be a conflict of interest in them to not report about their beneficiaries who launder millions of dollars.
The big difference between Bitcoin and other forms of money laundering is that, Bitcoin transactions are public. Everyone can where the assets are being moved. This is why it is much more likely for a launderer to get caught by security forces if they were to investigate.
Bitcoin also doesn’t have any complex process which makes it available for everyone. In fiat, only the rich and powerful can launder money. But in Bitcoin, both have this opportunity. But the risk of getting caught is much higher.
This public ledger makes it a worse solution to launder money. It is nothing more than propaganda to concentrate on money laundered via Bitcoin and turn blind eyes towards money laundered via other forms of money.
The amount of money laundered via Bitcoin and other cryptocurrencies is estimated at 2 – 4 Billion dollars. TheNextWeb reports:
New data shows criminals have laundered $2.5 billion worth dirty Bitcoin $BTC▲0.21% through cryptocurrency exchanges, and almost all of it ends up in countries with lax Anti-Money-Laundering (AML) regulations.
2.5 Billion is a lot of money. But it is way lower than the amount laundered via other channels. So, people who try to tarnish Bitcoin for money laundering appear to have a vested interest from my perspective.
Thanks for reading, if you liked my post, consider sharing it on your twitter profile. Also, leave a comment if you disagree with anything I said.Your Remaining Votes (within 24hrs) : 10 of 10