The press seems to delight in repeating the fact that Bitcoin is used to buy drugs and guns anonymously, and that criminal organisations are probably using it to transfer wealth between each other and amongst themselves. The former is not unique to Bitcoin - all cash currencies are used to buy banned goods and substances. The latter may actually be good for Bitcoin.
If, for example, drug cartels, mafias or international gangs find that transferring and storing the profits of their activities is easier and safer using Bitcoin than suitcases of cash, gold bars, or corrupt banks, then they will have a vested interest in keeping the system up and running. It could even be worth their while to track down other groups that are destabilising the Bitcoin network such as hackers and profiteers, and shutting them down.
Criminal organisations often invest their gains in legitimate businesses, partially for money laundering purposes, and partially because legal activities can also make profits. It's possible that even now they are working towards improving Bitcoin accessibility, reducing volitility, and encouraging its wider use in society.
As I see it, the biggest threat to Bitcoin is not the criminal element. It's legitimate governments, fearing a change in the current status quo.
No comments:
Post a Comment