TL:DR Breakdown:
- Ex-CIA director remains optimistic about Bitcoin.
- Bitcoin endorsement is set to increase according to him.
As specific individuals and nations remain pessimistic about the World’s largest Cryptocurrency, Bitcoin endorsement has recently come from the US CIA’s ex-director in the person of Michael Morrell. His recent action has put top government officers on solid watch. These top government officials are against the use of Bitcoin because of its criminal interests. In other words, many criminals use Bitcoin as a means of carrying out fraudulent practices, according to the government.
In a recent publication by the ex CIA chief, which was commissioned by a group called the crypto council for innovation, he firmly proved with specific points that Bitcoin is a tool that criminals can’t easily use. In the paper published, Morell arrived at two main conclusions, which are paraphrased as follows:
“That the claim of Bitcoin being used in illegal finances is exaggerated and that the analysis of Blockchain is an effective tool in intelligence gathering and crime-fighting.”
Morell, in a statement before the paper’s release, stated that the United States shouldn’t hesitate to utilize the abundant potentials of fintech and blockchain in boosting the Nation’s economic and technological standing; otherwise, the US will suffer significant consequences.
Morell, before his study, didn’t think that he would arrive at conclusions that would serve as a source of Bitcoin endorsement. Before his research, he felt that the secretary and European Central Bank chief were well-informed individuals whose views were well-grounded in real facts. But upon the execution of his study, he found that Bitcoin and crypto generally aren’t joined heads with illegal activities. It is worthy to note that illicit activities in Bitcoin are probably so little compared to those in the modern banking system.
In his research, he disclosed that Bitcoin-related scams are below one percent of financial scams. He also added that illegal activities on modern platforms range from about two to four percent of the world’s GDP. These statistics will, in truth, lead to more Bitcoin endorsement from a wide range of lovers of the top crypto asset. What more, it may eventually gain traction from individuals who know little about Bitcoin.
Morrell, during his study, expressed delight when analytic organizations such as CipherTrace and Chainalysis were able to fish out illegal activities and their actors on blockchains using forensic and AI tools. Morrell also pointed out that the analysis carried out on multiple levels could reveal known and unknown criminals who carry out illegal activities.
Despite the Bitcoin Endorsement, Morell believes more work needs to be done
Although he disclosed that Bitcoin scams are very little compared to other financial scams in his publication, he still believes that the US financial bodies need to be vigilant. There is much work to be done as there is no certainty that criminal acts will end anytime soon. Of course not! That said, Bitcoin endorsement will keep increasing even with the number of criminal acts surfacing.
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