America’s newest threat: cryptocurrency

Politician Elizabeth Warren is known as an opponent of cryptography. It does not support encryption and only considers it a means of payment for terrorism and crime. This is hilarious in itself, but it is even funny when the American makes good statements about cryptography that are intended as innuendo.

Stop Bitcoin and Cryptocurrency

Warren responds to what Jamie Dimon said earlier this week. The CEO of the American bank JP Morgan Chase criticized Bitcoin during a hearing in Congress on Wednesday. He claims he would shut down the digital currency if he had the power to do so.

In response to Dimon shutting down crypto Warren says:

“There is a new threat: cryptocurrencies used to finance terrorism and drug trafficking. We can’t let this continue.’

The argument no longer applies

This argument gained traction in 2012 when many on the Silk Road purchased medicine with Bitcoin, but research shows this is no longer true. According to research by Chainalysis, less than 0.2% of cryptocurrencies are used for illegal practices.

It is extremely foolish to use cryptocurrencies to purchase drugs or other illegal goods and services. All transaction history remains on the blockchain forever, and even if it’s not linked to an individual, with a little perseverance your wallet address and name can be properly linked.

Serious problem in America

Yet the facts do not stop Senator Warren. She says she and Dimon are in exactly the same situation “because we have a serious problem in this country.”

It claims that cryptocurrencies are used to finance terrorism, launder money and support rogue states.

Warren added that many bank CEOs feel the same way, which is no surprise. Decentralized money like Bitcoin poses a major threat to banks and states seeking tight control over people’s finances.