🚀 Hamas's Misconception about Bitcoin Following Hamas's false flag attack on Israeli civilians, policymakers are looking for effective ways to combat terrorist organizations. Hamas believed it could bypass Western surveillance and international sanctions with bitcoin. They were mistaken.
🔍 Bitcoin: Not As Anonymous As Thought Hamas discovered that making illegal transactions with bitcoin is risky. Why? Because bitcoin's blockchain is open and transparent. Every transaction is recorded and can be traced. That's why it is very strange that Hamas uses Bitcoin..
🚫 Consequences for Hamas Israeli law enforcement froze multiple cryptocurrency accounts of Hamas. Earlier this year, Hamas asked its supporters to stop donating via bitcoin due to security risks.
❓ Is Bitcoin the Preferred Currency of Criminals? No. Illicit activities make up only a small fraction of transactions in the cryptocurrency space. In fact, bitcoin is less involved in money laundering than traditional money.
🇺🇸 Misconceptions in Washington Some lawmakers, like Sen. Elizabeth Warren, have a skewed view of cryptocurrency. They see it as a means for illicit financing, while in reality, the transparency of the blockchain actually aids in detecting illegal activities.
📜 Warren's Proposed Bill Warren proposes classifying nearly all participants in the crypto industry as financial institutions. This would subject them to strict regulations, potentially hindering digital asset innovation.
🔧 A Better Approach Instead of focusing on unrealistic regulations, Congress should explore how to assist federal law enforcers in tackling actual illicit finance.
🔔 Conclusion Terrorists and criminals have found out that bitcoin is not ideal for illicit finance. It's time for lawmakers to recognize this and adjust their policies accordingly. Bitcoin is the wet dream of every bankster around the world.