An Analysis of #Bitcoin ’s Use in Illicit Finance.
Michael Morell, a former acting Director of the United States CIA, investigated #Bitcoin ’s (and other crypto-currencies’) role in illicit activity. What did he find?
• Bitcoin use in illicit activity is far less than many people assume.
• It is likely a significantly smaller share of the bitcoin-economy than illicit use of dollars are vs global GDP.
• Claims about the use of Bitcoin in illicit finance are vastly overstated.
• Illicit activity among all cryptocurrencies as a percent of total cryptocurrency activity from 2017 to 2020 was less than 1%.
• For Bitcoin specifically, CipherTrace estimates that illicit activity makes up less than 0.5 percent of total transaction volume.
Taken together, this report suggests that the illicit use of cryptocurrencies in general and Bitcoin in particular, as a share of total market activity, is certainly not higher than it is in the traditional banking system and is most likely less.
https://cryptoforinnovation.org/wp-content/uploads/2022/07/An-Analysis-of-Bitcoins-Use-in-Illicit-Finance-By-Michael-Morell.pdf
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2023-11-13 13:28:26
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2023-11-13 13:28:26Event JSON
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"content": "An Analysis of #Bitcoin ’s Use in Illicit Finance.\n\nMichael Morell, a former acting Director of the United States CIA, investigated #Bitcoin ’s (and other crypto-currencies’) role in illicit activity. What did he find? \n\n• Bitcoin use in illicit activity is far less than many people assume.\n\n• It is likely a significantly smaller share of the bitcoin-economy than illicit use of dollars are vs global GDP.\n\n• Claims about the use of Bitcoin in illicit finance are vastly overstated.\n\n• Illicit activity among all cryptocurrencies as a percent of total cryptocurrency activity from 2017 to 2020 was less than 1%.\n\n• For Bitcoin specifically, CipherTrace estimates that illicit activity makes up less than 0.5 percent of total transaction volume.\n\nTaken together, this report suggests that the illicit use of cryptocurrencies in general and Bitcoin in particular, as a share of total market activity, is certainly not higher than it is in the traditional banking system and is most likely less.\n\n\nhttps://cryptoforinnovation.org/wp-content/uploads/2022/07/An-Analysis-of-Bitcoins-Use-in-Illicit-Finance-By-Michael-Morell.pdf",
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