BITCOIN USE: So many times media have often described bitcoin as being used by criminals such as for money laundering and purchasing drugs and other illicit goods.
With such description by the media, bitcoin use for many is viewed to be illegal and wrong. In shot, the word ‘bitcoin ‘ shouldn’t be mentioned at all. This view of theirs is nothing but just a fallacy.
A special agent with the U.S. Drug Enforcement Administration (DEA) has reportedly revealed that the use of bitcoin in illegal activities has shrunk to about 10 percent from 90 percent previously.
According to Lilita Infante, a DEA special agent, who reported that illegal activity is no longer the dominant use of bitcoin. She is part of the 10-person Cyber Investigative Task Force, a team focusing on dark web and crypto-related investigations.
Speaking with Bloomberg on Tuesday, Infante explained that five years ago when she started investigating cases involving bitcoin, “her analysis of blockchain data showed criminal activity was behind about 90 percent of transactions in the cryptocurrency.” However, she is now seeing the opposite:
“The ratio of legal to illegal activity in bitcoin has flipped…Now, illegal activity has shrunk to about 10 percent and speculation has become the dominant driver.”
However, that doesn’t mean that bitcoin is no longer used by criminals but rather majority of its uses now are for price speculation and not criminal activity.
What do you think of this research and finding?