U.S Speculates Bitcoin (BTC) For Drug Trafficking and Transactions

U.S Speculates Bitcoin (BTC) For Drug Trafficking and Transactions

The bringing of cryptocurrencies to the world has put out its fair shares of both good and evil. Taking the latter into fact, the whole industry has been facing accusations for their hand in illicit and illegal drug trafficking and the underworld drug business. In spite of all this, Bitcoin (BTC) has been the most targeted and it’s the most widely used by the anonymous drug lords.

Bitcoin’s Role in Play

Many official sectors of the U.S government have been putting forth blames and accusations on Bitcoin (BTC) for ages. They depict BTCs are highly involved in illicit transactions, all mostly based on underworld drug trafficking. 

Upon all this, the head of the Senate of Judiciary Republican, Senator Chuck Grassley, put forth allegations on Joe Biden’s committee for illegal drug control. In addition, he points out about $76 billion is being spent through illegal transactions for drugs, all through Bitcoin (BTC) each year approximately. 

Furthermore, Grassley brings out reports and statistical data justifying his statements. All this has been put forth by a team of researchers taking data of 2017. They point out that more than half of the Bitcoin transactions are illicit and are for drug-based transactions.

Moreover, regarding all this, the senator sent an official letter to the Director of National Drug Control Policy.  Accordingly, Grassley states the fact which makes the entire cryptocurrency industry to protein a fear is their epic anonymity. 

In addition, he continues that this anonymity is the most extreme attribute which makes tracking the drug lords difficult.

The Contrasts to Grassley

However, many contradict the senator’s critics of BTC. Accordingly, Katie Haun reported that Bitcoin is actually not anonymous and BTC’s public edger has all been quite transparent. Moreover, Katie Haun states all these features have actually helped the feds in tracking down and busting criminals.

Furthermore, many renowned crypto analyst organizations have said Grassley’s statements are wrong and his data doesn’t match with their actual data of 2017.

In addition to all this, the chief scientist of Elliptic, Tom Robinson pinpoints that Bitcoin is extremely trackable. Moreover, he too depicts all the statistics put forth by the senator are false abruptly. Also, Grassley’s complete analysis is completely out of sync with the actual.

Despite all this debate, BTC continues to strive as the king of cryptos indeed.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.