• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin BTC BTCUSD

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

Reynaldo Marquez by Reynaldo Marquez
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Former Central Intelligence Agency (CIA) Acting Director Michael Morell wrote a report titled “An Analysis of Bitcoin’s Use in Illicit Finance”. The ex-government employee had over 33 years working at the Agency.

Published by the Crypto Council for Innovation, Morell’s investigation attempts to disprove a thesis defended by many authorities around the world: Bitcoin is a tool to finance cybercrime and other illicit activities.

Morell considers Bitcoin to have a growing momentum and a spreading use as a store of value. Endorsed by companies like Tesla and MicroStrategy, the cryptocurrency is riding a major wave of adoption.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

To achieve his goal, Morell consulted many experts in financial services, payment systems, global intelligence, even former senior government officials. The Ex-CIA director himself used to believe Bitcoin and cryptocurrencies are a convenient way of sending money anonymously.

However, the research made him changed his mind. He was able to reach important conclusions: Bitcoin’s use as an illicit finance tool is “significantly overstated” and:

The blockchain ledger on which Bitcoin transac-tions are recorded is an underutilized forensic tool that can be used more widely by law enforcement and the intelligence community to identify and dis-rupt illicit activities.

Bitcoin’s financial use is predominantly legal

The research conducted by the former CIA Director indicates that there is no data that supports two of the most common assertions regulators make when it comes to Bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

First, that its use for illicit financial transactions is growing. Second, that this is the cryptocurrency’s primary use case. The report says:

(…) the common belief that Bitcoin is both primarily and increasingly used for purposes of illicit finance is “un-informed and not based on data” and that “there are no numbers and no methodologies” supporting it.

Bitcoin BTC BTCUSD
Source: Chainalysis

Results from the polemic analytics firm Chainalysis indicate that of Bitcoin’s total activity, dating from 2017 to 2020, less than 1% is used for non-legal purposes.

Further data provided by analytics firm CipherTrace claims that of BTC’s overall trading volume only 0.5% can be attributed to illicit activity. In contrast, fiat currencies’ use in non-legal transactions is estimated on the order of 2% to 4%. The report says:

A former CIA analyst added credence to the above estimates due in part to the difference in overall volume, most illicit activity still takes place in the traditional banking system and not via cryptocurrency.

Therefore, Morell concluded that illicit use of Bitcoin and cryptocurrencies is “not higher than it is in the traditional banking system”.

Bitcoin is trading at $63.063 with 4.9% profits in the past day. In the weekly and monthly chart, BTC has 7.5% and 2.9% gains respectively.

Bitcoin BTC BTCUSD
BTC holding its bullish trend in the 24-hour chart. Source: BTCUSD Tradingview
Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

9 hours ago
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

13 hours ago
Signal Message FTX Sam Bankman-Fried

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

16 hours ago
Silvergate Dividends

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

18 hours ago
Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

1 day ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

1 day ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.