Bitcoin Gives Window into Rampant Money Laundering
BlackRock’s CEO says Bitcoin is showing that money laundering is a bigger problem than many believe
Money laundering has always been a problem even before the time of Bitcoin, however, BlackRock’s CEO, Larry Fink has taken an interesting assessment of what Bitcoin can do.
The investment management corporation head thinks there is merit in Bitcoin, however he sees its rapid rise as an indicator that may help to identify the extent of money laundering happening across the globe.
A tool of vice
Bitcoin, while not to be blamed, has become a tool of money laundering, and that for Fink is indicative as to how much money laundering is going on globally.
The rapid ascent of cryptocurrencies “identifies how much money laundering there is being done in the world,” Fink said.
Bitcoin, as well as other even more anonymous coins like Monero and Zcash, are being employed for online gambling, tax evasion, and money laundering, has been one of the biggest criticisms of cryptos, which are viewed as a shadowy, mostly unregulated sector.
However, while these cryptocurrencies are approaching the mainstream, coming into the light, and being accepted by people like Fink, it does not detract from the fact that they can be used for laundering money.
As Wall Street continues to be divided across Bitcoin lines, with the likes of JPMorgan CEO Jamie Dimon leading the negative charge, Fink joins the pro Bitcoiners on Wall Street.
“I am a big believer in the potential of what cryptocurrencies can do,” Fink said. According to him there are “huge opportunities”, but presently the atmosphere around Bitcoin is “more speculative.”
Fink was most definitive in his optimism around Blockchain technology, which underpins cryptocurrencies. Fink said they are looking at Blockchain technologies as a way to facilitate the “flow of information.”