1/ Interesting that treasury secretary @JanetYellen has stated concerns that cryptocurrencies are being used mainly for illicit financing on the same day that Chainalysis reported a dramatic fall in cryptocurrency transactions associated with criminal activity.
2/ As ARK has noted in the past, cash transactions account for a larger share of illicit activity than do cryptocurrency transactions, on both absolute and relative terms.
3/ I’d be more concerned if Yellen denounced Bitcoin as a threat to monetary sovereignty. To criticize Bitcoin for facilitating criminal activity is to criticize one of its fundamental value propositions: censorship-resistance.
4/ As a neutral technology, Bitcoin cannot identify “criminals”. This does not make it an inherently criminal tool. Phones, cars, and the Internet are no less bannable for facilitating criminal activity than Bitcoin is.
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