Cryptocurrency Isn’t For Criminals

Cryptocurrency Isn’t For Criminals

Just when you thought cryptos are way past that stage of doubt and bad mouthing, another thing pops up which is directed at tarnishing the image of cryptos. Since cryptos became a thing, it’s always being one battle after the other, in undying efforts to redeem itself as a worthy thing other than the negative things many people have desired it to be.
Even some of the well-known figures in the world of finance has publicly outed cryptos, calling them all sort of unpleasant names. Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co. once called Bitcoin, a fraud that’s “worse than tulip bulbs”.
He went ahead to say that he’d fire any of his employees in a second should he find out they were involved with Bitcoin, simply on the basis that they were’ stupid’ and against their laws. Even though he later backtracked on his comments, the damage was already done, as the opinion of such a notably figure carries weight and influence.
Although everybody is entitled to his or her own opinion, the constant bashing and hateful comments towards cryptocurrencies, cast a doubt to investors as to whether they are genuine, or something only useful for crimes.
Nouriel Roubini, an economist at the New York University, popularly known in the crypto world as known as ‘Dr. Doom’ because of his longstanding hatred for cryptos, called Bitcoin “bulls-t” earlier this year, and that the Blockchain technology is nothing more than a “glorified Excel spreadsheet.” The tagging of cryptocurrencies is something bad and only criminals would get involved with them is utterly wrong.
The latest person to publicly condemn cryptos is chairman of the U.S Federal Reserve, Jerome Powell, who at an appearance before the U.S Congress stated that Cryptocurrencies are only great for money laundering. According to him, cryptos are on no “intrinsic value” and do present great risks to investors.
The reality is that cryptocurrencies are not a bad thing neither are they sole purposely in existence because of criminal activities. The bitter truth is that they are not perfect, they have flaws and some work to do. However, using that as a reason to constantly spit on its name is a little absurd.
Money laundering and other financial-related crimes existed way before cryptocurrencies came into the market. Traditional financial institutions have seen crimes ranging from money laundering, identity theft, robberies, and many more.
They are also flawed but no one seems to care enough to make it an agenda to bash it every now and then, and the irony in this hate on cryptos is that why to spend so much time and energy on something you don’t believe in, in the first place.
Cryptocurrencies are good and investing in them is even better. They are not for criminals or any criminal activities. There are just bad people, hiding behind it to commit crimes, just like people have been hiding behind traditional financial institutions to do same.