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Do you think ONLY criminals use cryptos

by , 16 October 2018
Do you think ONLY criminals use cryptos
Many people have dubbed cryptos, the currency of criminals.

People believe that each day millions of dollars' worth of cryptos are being used for hacking, money laundering or drugs.

Of course, there are people that use cryptos for illegal purposes, but if this was its main purpose, then the crypto market would be MUCH bigger.

The fact is, criminals still favour cash…and banks.

Let me explain...
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The largest money-laundering scandal ever?
 

Denmark’s largest bank, Danske Bank, is currently embroiled in a money laundering scandal. The US Department of Justice is investigating the bank for dubious transactions made from their Estonian branch.

15,000 ‘suspicious’ customers moved about $235 billion through their accounts in eight years. It could be the largest money laundering scandal ever.

On the other hand, the market cap for cryptos at time of writing is about US$202 billion.

In other words, Danske could have laundered the whole crypto market from its Estonian branch.  And this is just one bank.

 

 
 
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Banks launder way, way more money than cryptos
 
Blockchain website Cryptoslate, found that banks have laundered up to $2.7 billion a day, every day, for the past 24 months.
That amounts to around $1.97 trillion in two years!

Illicit funds making their way through crypto exchanges in the same two-year period totals around $88 million – nothing compared to banks.

So while some may be looking at cryptos as tools for bad guys, others are embracing them.

For example, in Ripple’s ‘Blockchain in Payments Report’, the crypto company said that, blockchain could be at the verge of reaching mass adoption this year.

The report looked at 700 global payment professionals in 22 countries.

And the report found that more organisations around the world want to adopt digital assets in their payment flows. Almost half said they were already producing, piloting or close to signing with a blockchain provider.

 
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There’s still a lot of investment in cryptos going on behind the scenes


Digital Asset and Regulation newsletter Diar, recently reported that blockchain and crypto start-ups have raised a record $3.9 billion through venture capitalists. This is 280% more than last year.
 
One of the reasons why cryptos have been getting some more funding recently is because they have become cheaper. As Diar reported:

“70% of tokens are now valued at less than what was raised during their ICO. The majority of tokens have dropped in price by more than 90% from their all-time highs.”

That’s why if you are still dismissing cryptos, you are not seeing the whole picture.

See you next week,

Joshua Benton,
Managing Editor,
 The South African Investor

P.S.  If you are keen to get into the crypto space, but not sure where to start, then get your hands on the South African Investor’s Crypto Wealth package right now.

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