CIA’s Former Director Claims Bitcoin Usage in the Criminal Activities is Declining

CIA’s Former Director Claims Bitcoin Usage in the Criminal Activities is Declining

Michael Morell, a former acting director at the Central Intelligence Agency (CIA), wrote a comprehensive report with the title “An analysis of the Use of Bitcoin in Illegal Finance”. Michael has worked for the US government agency for over 33 years.

In the article that was published by the Cryptocurrency Council for Innovation, all the investigation of Michael Morell is an attempt to discredit a thesis developed and defended by many [financial] authorities across the globe that Bitcoin is an instrument for diverse cybercrime and other illegal and illicit activities.

For Morell, he reckoned that Bitcoin has an increasing momentum and growing use as its store of value. The token was endorsed by numerous companies like MicroStrategy and Tesla and had been soaring on the wave of major adoption into the mainstream.

To succeed in his research and achieve his goal, Michael Morell met with several experts in the financial industry, global intelligence, former senior ranked officials in the government agencies and even payment systems. The former CIA director reckons that he used to agree that Bitcoin and every other cryptocurrency has been an easy way to anonymously send money, thereby could have criminal activities embedded in it.

However, from his research, he has a change of mind. The most important conclusion he reached is that the usage of Bitcoin for illegal activities in the finance world is an overstatement. Also, he said, “the ledger on blockchain that is used for recording every Bitcoin transaction has been an underused forensic tool for the law enforcement agency and the agents in the intelligence community to trace, identify and interfere with illegal activities.”

The Use of Bitcoin is Legal predominantly

From Michael Morell’s research, there is no indication of data supporting about two common assertions that the average regulators make about Bitcoin. The first of it is that the illegal transactions around bitcoin are growing day by day, and the second one is about the primary use of cryptocurrency.

He crafted in his report that “the presumptuous belief that BTC is used increasingly and primarily for illegal purposes is an overstatement and is quite uninformed as there are no data (numbers and methodologies) to support the claim.”