Messari Responds to the Criticism made by Politicians at Bitcoin

A report by Messari reveals that Bitcoin contributes 800 times less value to total money laundering than fiat currencies.

The result of recent research for every dollar in BTC spent on darknet, 800 dollars in fiat are washed.

Messari said he decided to produce the statistics as a direct response to Bitcoin’s recent criticism by US politicians. Last week, Congress hosted several cryptomonious hearings, and money laundering was one of the issues addressed.

Incorrect perception among authorities

Many of the statements made by American politicians at the hearings have repeatedly focused on cryptomonious criminal activity.

For example, congressman Brad Sherman reiterated the arguments of Treasury Secretary Steven Munchin and former President Donald Trump. He argued that digital assets facilitate illegal activities and that $ 76 billion was washed annually in Bitcoin.

Bitcoin is not the majority of the funds from illegal activities

Despite multiple research projects that conclude Bitcoin’s risk for financial stability due to money laundering is negligible, politicians continue to claim that the threat is much higher.

Pierre Rochard, one of the most criticizing supporters of cryptomonas, quoted Chainalysis’s research, which concluded that figures are actually much smaller. For example, the total amount of Bitcoin funds on darknet in 2017 reached only $ 660 million.

Morgan Creek Digital co-founder, Anthony Pompliano, said $ 2 trillion were washed yearly. More than 6.5 times the cripto ceiling.

“Bitcoin will reduce global money laundering, which is precisely why some people and organizations are struggling so hard to hinder their expansion,” he said.

he added.