Christine Lagarde and Janet Yellen on BTC

Christine Lagarde and Janet Yellen had openly stated on mainstream media channels that Bitcoin (BTC) is used mainly for criminal activities. But it turns out, this is a ghastly error considering that one of the main properties of this digital currency is traceability: having the ability to be tracked in its usage.

In fact, a report by Chainalysis, a distributed ledger technology (DLT) analysis company that provides data and analysis to government agencies, indicates that digital currencies (including everything else besides Bitcoin) account for merely 0.34% of the transaction volume used for illegal activities, which equates to $10 billion.

Banks, on the other hand, are reported to have laundered $2 trillion per year, which 200x the volume of digital currencies used for the same reason. Yet these top regulators have the audacity to call Bitcoin the main tool for criminals?

They are giving people the wrong information, that much is clear. But why? Are they trying to attack Bitcoin and the digital currency space in order to hinder its adoption? Why else would they openly lie to their citizens and the world? Could they have been secretly trying to accumulate?

Let’s take the point of view of someone who is a lot closer to regulators, ex Goldman Sachs CEO Lloyd Blankfein.

In his own words, “If I were a regulator, I’d be, you know, I would be kind of hyperventilating at the success of [bitcoin] at the moment and I’d be arming myself to deal with it.”

Well, there you go.

They fear Bitcoin’s, as well as the entire digital currency sector’s success because it will take away their jobs and render them obsolete.

It’s funny how Blankfein also stressed that if Bitcoin becomes large enough, governments would move to shut it down. But those who know enough about digital currency would understand how absurd this statement is.

There might be an undercover operation from global regulators in the works, however, they may are several years too late. Bitcoin is a decentralized system that has grown substantially, which makes it unstoppable.

And even in the extremely unlikely scenario that they successfully sabotage the Bitcoin network, there are thousands of other digital currency projects hell-bent on providing an open borderless currency to the world.