Former CIA Proves Bitcoin -Related Crime Rate Is Lower Than Fiat - Kakiforex.com - Financial Market Media No. 1 in the World Former CIA Proves Bitcoin -Related Crime Rate Is Lower Than Fiat Former CIA Proves Bitcoin -Related Crime Rate Is Lower Than Fiat

April 14, 2021

Former CIA Proves Bitcoin -Related Crime Rate Is Lower Than Fiat

 Former acting director of the Central Intelligence Agency (CIA), Michael Morell recently wrote a report entitled ‘An Analysis of Bitcoin’s Use in Illicit Finance’ which focuses on the use of Bitcoin which is closely linked to cybercrime and other misconduct activities.


The figure, who has served for 33 years at the agency, described Bitcoin as a valuable storage asset and its status was strengthened when Tesla and MicroStrategy also chose the king of cryptocurrencies over other digital currencies.


In fact, it’s hard to deny that Bitcoin and other cryptocurrencies are easier to use to send money anonymously.


Through this study also managed to prove that Bitcoin’s claim of being very close to criminal activity is ‘overstated’, too exaggerated. It is also no exaggeration to say that no data can support the allegations of legal supervisors against Bitcoin.



The first allegation: its use in illegal financial activities is on the rise. The second allegation: this is the case of the primary use of the cryptocurrency.


Results from analytics firm, Chainalysis show total Bitcoin activity for the time period starting 2017 to 2020, less than 1% for illegal use.


While the results from the analytics firm, CipherTrace show the total trading volume for BTC involving with crime is only 0.5%.


This is in contrast to illegal transactions for fiat currency which recorded a record higher of around 2%-4%.


Doesn't this prove that the crypto sector has been underestimated? In fact it is not an exaggeration to say either fiat currency or cryptocurrency, both have their pros and cons and nothing is ‘too’ perfect or vice versa.