Bitcoin, News & Updates

Bitcoin: a Menace to America’s Tomorrow

Once again, the US DOJ is attacking bitcoin and Cryptocurrency simultaneously; they claim that they are agents of great financial crimes in the United States and worldwide.

DOJ: BTC Is a Danger to America’s Future

The DOJ has gone so far as to claim further that the bitcoin and some digital currencies are qualified as threats to the national security, now with US Attorney General William Barr referring to crypto as “the first raindrops of an oncoming storm.”

The idea was that bitcoin would eventually be used as a surrogate and will finally replace cash. The currency surfaced in the days of the Great Recession, and then its creator claims that it was initially intended to be used as a payment method for different goods and services.

Unfortunately, this isn’t what happened, and now bitcoin is widely used basically for speculative purposes. Many traders are attracted to the idea that it is impossible to trace. Thus, it has become a prime target in the terrorist funding groups, the cyber thieves and computer hackers who were looking to get their fingers on the money that wasn’t earned.

There is no denying that the crypto has edged its way into the dark underworld of crime; however, many don’t see it as a tool for criminals. That is not stopping the regulators from stepping in and further doing what they need to do for the customers to be potentially protected and the traders.

The Cyber-Digital Task Force had currently emerged to make a statement:

“Current terrorist use of Cryptocurrency may represent the first raindrops of an oncoming storm of expanded use. Cryptocurrency also provides bad actors and rogue nation states with the means to earn profits.”

Last week, the DOJ had issued a report that discusses how it plans to work contrary to bitcoin and other crypto-related crimes in the future. The offenses listed in the document have included everything from money laundering to the funding of Al Qaeda, with blackmail, extortion, and the ransomware attacks also thrown into the mix.

People must be kept safe.

The members of the department have also claimed that bitcoin threatens the financial system of America in the coming future. William Barr has commented in a new statement:

“Cryptocurrency is a technology that could fundamentally transform how human beings interact and how we organize society. Ensuring that use of this technology is safe and does not imperil our public safety or our national security is vitally important to America and its allies.”

Many leaders within the United States have already shown disdain or dislike towards bitcoin and its fellow cryptocurrencies, one of the most significant being current president Donald Trump. In 2019, he commented that he wasn’t a fan of BTC in that he didn’t care for assets whose values were based on thin air. He also commented that the United States already had a national currency to use, referring to the US dollar.

Some leaders in the United States are already showing disdain or dislike to bitcoin, and the other cryptocurrencies, one of the massive is President Donald Trump. In 2019, he commented that the United States has already had a national currency that can be used, mentioning to the US dollar.

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