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bitcoin against money laundering

Bitcoin Is Nightmare For Banks Laundering $2 Trillion Every Year

Martin Young
by Martin Young
6 years ago
·
Posted in News, Bitcoin, Blockchain
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

One of the big attractions to Bitcoin is its ability to bypass the banking system. The likes of doom monger, Nouriel Roubini, still bash BTC in favor of a largely unprincipled banking system where the top get richer at the expense of the bottom. Banks are far from infallible by nature, and the number of recent reports on money laundering scandals is on the increase.


Banks Fear Accountability

$2 trillion (over ten times the total market capitalization of Bitcoin) is laundered by banks every year and they fear it because a similar public ledger would make them accountable. This was noted by Bitcoin and cryptocurrency enthusiast Rhythmtrader in the below tweet:

https://twitter.com/Rhythmtrader/status/1146391403800477696

Dollar Weakening Good For Bitcoin

As millions of Americans celebrate the fourth of July, US president Trump has shown no signs of abating his economic war on the rest of the world. The latest in the Trump twitter tirade has called for mass money manipulation to match what he sees other nations already doing.

In the eyes of the POTUS, China and Europe are pumping money into their systems in order to compete with the US. In his view, the US should ‘compete’ by doing exactly the same which would effectively devalue the dollar.

Crypto trader Alex Krüger noted that these actions would also increase interest rates and cause stock markets to soar.

“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”

Trump just made an explicit call to manipulate the dollar. He wants lower interest rates, a cheap dollar, and soaring stock markets. https://t.co/DwCx8Xm2Mh

— Alex Krüger (@krugermacro) July 3, 2019

A weaker dollar would be bullish for Bitcoin as investors seek a safer offshore store of value.

Fundstrat’s Tom Lee also noted the need for Trump to crank stock markets higher, which would also be support for equities.

It is important to keep in mind the White House wants a rising stock market.

This is support for equities. https://t.co/ZU6riFKAL9

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) July 3, 2019

BTC Against Money Laundering & Manipulation

Bitcoin has been on fire in recent months, which has also correlated with a falling dollar and an escalating trade war between the US and China. Gold has also reached a six-year high as it too is viewed as a reliable store of wealth away from fiat which is easily manipulated by governments and their rogue leaders.

A public blockchain based banking system would unveil countless shady transactions that are clearly still going on. In a world dominated by banking scandals, money manipulation, and trade wars, Bitcoin is looking like the better bet.

Do you think Bitcoin is an effective force against currency manipulation and money laundering? Comment below. 


Images courtesy of Shutterstock, Twitter: @Rhythmtrader, @krugermacro, @fundstrat

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Martin Young

Martin Young

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Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

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