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Bitcoin has had an eventful year so far, with issues of volatility, energy consumption, and regulation dominating the discussion surrounding it. With the spike in ransomware attacks, the debate on the viability of the world’s largest cryptocurrency has heated further. In addition, it faces immense pressure from lawmakers who feel an urgent sense of cracking down on its trade and adoption. The consensus is that Bitcoin is too unstable or even dangerous for mainstream use. But BitMEX CEO Alexander Höptner disagrees with this line of thought and feels there is a need for education on cryptos. In a recent interview, Höptner called out the double standards of Bitcoin critics as he reiterated his belief in the digital asset.
BitMEX CEO Alexander Höptner Questions The Hypocrisy Around Bitcoin
Höptner addressed a range of subjects related to Bitcoin in a recent interview. However, what stood out most was his sharp dismissal of hackneyed criticism of the primary cryptocurrency.
Speaking on the bias associated with Bitcoin’s use in criminal activities, Höptner said: “Even when the topic of bitcoin and crime came up at the beginning, nobody was interested in the fact that terrorism was previously financed with the US dollar.”
He added, “Nobody said let’s get rid of the dollar. As soon as it’s the bitcoin, oh god, that’s used to finance terrorism.”
During the interview, Höptner also talked about the correlation between sustainability and growth. He pointed out that while Bitcoin has been targeted for its energy needs, the currency cannot be squarely blamed for the issue. Instead, he feels that sustainability is a development issue and noted, “The energy discussion has long proven, I believe, that bitcoin is not the greatest energy guzzler. When you introduce a substituting industry or technology, the balance is negative as long as what it is replacing is still there.”
Dollar Continues to Lead Assets Used for Money laundering
While it’s true that Bitcoin has been the technology of choice for many cybercriminals in recent times, it’s not the only asset used in the illicit transfer of funds around the world. As a matter of fact, the US dollar continues to be the leader among world currencies and assets when it comes to money laundering.
Data from the UN reveals that nearly 5% of the world’s GDP is annually diverted to money laundering. This figure is equivalent to roughly $4 trillion. The finding corroborates Höptner’s assertion that Bitcoin is far from being the only asset that perpetuates criminal activities.
Nic Carter, a partner at crypto fund Castle Island Ventures, shares Höptner’s belief and posits that the connection between illegal acts and Bitcoin is odd at best. He says: “All of the data that we have seen indicates that in absolute and relative terms, the dollar is used for illicit purposes, far more than bitcoin. So the crime angle is a pretty curious one. I mean, we didn’t ban dollars because Pablo Escobar had heaps of dollars in his basement.”