Bitcoin Used in a Crime, Yada Yada Yada, Bitcoin Bad

Here we go again. The Colonial Pipeline attack involved a ransom paid in crypto, so the usual suspects are on the attack. If you are an investor or business leader who has contemplated adopting bitcoin, you have already been bombarded with negative news headlines and internal emails telling you why this latest development is important. To save you the trouble of having to read them, I’ve prepared a summary:

Dear reader,

A serious crime has been committed, and cryptocurrency was involved. Yada yada yada, bitcoin bad.

Sincerely,

Someone Really Smart

Needless to say, their analysis is correct. A crime has been committed, and the crooks used crypto. I’m sure the articles you’ve been sent say a lot more, but the rest is likely filler. Crypto was used by criminals, yada yada yada, crypto bad.

I could write an entire book refuting this conclusion. But I won’t. I’ll just leave you with some fun facts about money and payments:

  • Fraudulent activity involving plastic cards reached $27b in 2018, doubling what they were just five years earlier. The numbers have gone up since.

In conclusion: crypto is definitely used in criminal activity. Yada yada yada, so is everything else

The views shared here are strictly my own and not that of any employer, client or associate.