Bitcoin- The perfect currency for organised crime

The WSJ today said how the Colonial Pipeline had to pay a ransom for a decryption code provided by hackers that shut down the pipeline.

$4.4m was paid to the hackers in the form of 75 bitcoin.

As a holder of bitcoin, DCC essentially supports a form of currency, by owning it, that is fuelling organised crime and illegal underground activity. Not to mention being part of the problem of the power requirements of bitcoin mining, which to no surprise 70% of comes from China- a major coal consumer.

This is excluding the volatility of this “currency” and easily ability to be manipulated/influenced by people like Elon Musk.

The irony is that people love bitcoin because it is decentralised and not able to be manipulated by central bankers when in fact it can be manipulated by the sentiment of a single person.

Bitcoin, so far to the best of my knowledge, is no different but worse than any ordinary currency. Anyone believing bitcoin will be the ultimate currency of the future is deluding themselves to its lack of value as a form of “currency”.

Last nights volatility should be testament at the incredibly speculative nature of this currency- and yet it is claimed to be better than gold or the USD.... right!!