Bitcoin Use for Criminal Activities Dropped from 90% to 10%

Bitcoin use for criminal activities has significantly dropped in the period of the past five years – falling from 90% to 10%. Now, the majority of Bitcoin transactions are related to the investment trading activity.

8 August, AtoZ Markets – According to Lilita Infante, a special agent with the US Drug Enforcement Administration who has spoken to one of the online media sources, criminal use of Bitcoin has drastically dropped in comparison to what it was 5 years ago. 

Bitcoin Use for Criminal Activities Dropped from 90% to 10%

To be more specific, she stated that while previously, criminals were accounted for 90 percent of all Bitcoin transactions, now, this figure stands at 10 percent. While talking about changing trends regarding the connection between the cryptocurrency and criminal activity, she has noted:

“The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased. The majority of transactions are used for price speculation.”

In spite of the shift from criminal use to investment activities, the overall volume of criminal Bitcoin transaction has risen. This is due to the fact that the dark market has significantly grown in the period of the past five years, as well.  

Blockchain helps to track criminals

As a matter of fact, considering the rapid growth in interest for the different use cases of cryptocurrency and the underlying technology, the US law enforcement has also adopted the Blockchain in order to trace cases of money laundering and illegal drug trafficking.

Moreover, Infante also noted that the US law enforcement is now developing in line with the latest industry standards, stating that “we still have ways of tracking them.” She also highlighted that the majority of criminal dealings in cryptocurrencies are still happening on the public Bitcoin Blockchain. She has added:

“The blockchain actually gives us a lot of tools to be able to identify people … I actually want [criminals] to keep using them.”

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