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Illegal use of Bitcoin dropped by 50% in 2020, Citibank reports

Illegal use of Bitcoin dropped by 50% in 2020, Citibank reports



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  1. It doesn’t even make sense to use BTC for illegal activities (especially local) when you can use cash. I would bet that the % of illegal transactions is lower for cryptocurrency generally than for fiat.

  2. tldr; Citi Global Perspectives & Solutions, a Citibank “thought product,” said that illegal use of Bitcoin fell from about $20 billion in 2019 to about $10 billion in 2020. Bitcoin’s market capitalization increased about 2.70 times in 2020, but other cryptocurrencies grew by about 3.75 times in the same period. Bitcoin is at a tipping point between mainstream acceptance and speculative implosion, the report said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. >Use of cryptocurrencies to fund illegal activity, including the January 6 attack on the nation’s capital, may lead to increased regulation.

    Yeah, that would definitely be the reason why. Not the government trying to undermine the further rise of cryptocurrencies and decentralization. It’s not as if they don’t crack down hard on illegal activities financed by fiat, right?

  4. How would they even know that. Maybe the people using Bitcoin for illegal activities got 50% better at hiding it. I take it this is from the same Citibank crypto report that was roundly ridiculed on Twitter.

  5. because why would anyone wanna spend bitcoin on anything including crime when u can just HODL and be rich in like 5 years! btw citibank has been all over bitcoin lately, its so bullish

  6. How do they even track that info? I get when there is a bust they can sort of come up with a number, but we also know law enforcement likes to inflate the cost of what they recover.

  7. Chainalysis, elliptic, cipher trace and others collect transaction data. They also scrape the dark web for crypto addresses. Once a transaction is done from or to these addresses, they count that as an illegal transaction.

  8. other coins exist that are faster in tx so makes sense that those specific people would not stick to btc. money is used for illegal shit every day. like campaign money being pocketed for personal use. should really look into that……loopholes and all…..

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