The US Senate has sent a letter to President Joe Biden and Treasury Secretary Janet Yellen, expressing concerns about the use of cryptocurrencies in terrorist financing. The senators, led by Democrat Elizabeth Warren, claim that Bitcoin and other digital currencies facilitate the illicit activities of extremist groups such as Palestinian Islamic Jihad, Hamas, the Islamic State or Al Qaeda.
According to lawmakers, cryptocurrencies are a threat to national security as they allow terrorists to evade sanctions, tracking and regulation by financial authorities. In addition, they argue that cryptocurrencies have a negative impact on the environment, due to the high energy consumption required for mining.
However, what is behind this campaign against Bitcoin and the rest of the cryptocurrencies? Is it really a legitimate concern for world peace, or is it an excuse to slow the advance of a technology that challenges the power of the dollar and the traditional banking system? The truth is that Bitcoin is not to blame for the problems plaguing the world. Terrorism is not financed only with cryptocurrencies, but with any type of currency, including the dollar, the euro and gold. In fact, according to a US Congressional report, 88% of terrorist financing cases between 2015 and 2019 were carried out with cash.
Furthermore, with the resources that government agencies have, cryptocurrencies are not as anonymous or undetectable, as the senators would have us believe. Each transaction is recorded in a public and transparent blockchain, which can be analyzed by authorities to identify those responsible for illicit activities. In fact, according to a study by Chainalysis, a company specialized in tracking the flow of funds in cryptocurrencies, they estimated that only 0.34% of Bitcoin transactions in 2020 were intended for criminal purposes.
On the other hand, concern about the environmental impact of cryptocurrencies is hypocritical, when the United States is one of the biggest polluters on the planet. According to the International Energy Agency, the US was the second country that emitted the most carbon dioxide in 2019, surpassed only by China. Furthermore, according to a study by the University of Cambridge, Bitcoin's energy consumption is only 0.59% of global electricity consumption.
So what really motivates senators to attack Bitcoin? The answer is simple: the fear of losing control. Bitcoin is an alternative to the traditional financial system, which is based on trust in centralized intermediaries, such as banks and governments. With Bitcoin, the need for these intermediaries is eliminated and allows people to have complete control of their money, without depending on anyone.
Bitcoin also represents a threat to the dollar's dominance as the global reserve currency. The dollar has benefited for decades from its privileged position in international trade and in central bank reserves. However, Bitcoin offers a more democratic, decentralized and inflation-resistant option by not being controlled by any country or entity, but by a global network of users and developers.
That's why senators want to ban Bitcoin, or at least regulate it to the point of suffocation. They don't care about national security or the environment. They only care about maintaining their power and privileges. But they will not be able to stop the advance of the crypto ecosystem, because it is an idea whose time has come and people are already "waking up."
On the other hand, Bitcoin does not pose a threat to world peace. On the contrary, it is a tool to promote freedom, justice and prosperity for all. Cryptocurrencies do not finance terrorism because what they use as an excuse is financed by ignorance, oppression and violence. If senators really want to combat terrorism, they should start by banning the manufacture and sale of weapons in their own country, which, by the way, is the largest producer and exporter of weapons in the world. CRYPTOCURRENCIES DO NOT KILL CHILDREN, WOMEN AND ELDERLY, GUNS DO.
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