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Silver Lake Co-Founder Tells Davos Cash Is Used Far More in Crime Than Bitcoin
Glenn Hutchins said up to 90% of $100 bills are "used for organized crime and tax evasion."
Glenn Hutchins, co-founder of global technology investment firm Silver Lake, countered the widely held view that bitcoin is mostly used for illicit activity when speaking at the World Economic Forum summit in Davos, Switzerland.
STORY CONTINUES BELOW
- Hutchins said the belief ignores the immutable nature of the blockchain technology underlying bitcoin, reported Finextra on Tuesday.
- Bitcoin "leaves a permanent, unalterable record, hence why almost all criminals using it are caught. It is fundamentally wrong to say that bitcoin is mostly used for crime,” he said.
- On the other hand, up to 90% of $100 bills are "used for organized crime and tax evasion" in the U.S., because cash is "untraceable and fungible," Hutchins said.
- Indeed, as CoinDesk reported, blockchain sleuthing firm Chainalysis reported this month that criminal-linked activity made up just 0.34% of cryptocurrency transaction volume in 2020, down from 2.1% the year before.
- Also speaking at Davos on Monday, Bank of England Governor Andrew Bailey took a more negative tone, arguing that digital innovation in payments is here to stay, but not cryptocurrency as it currently stands.
- We're still waiting for the right design and governance model for a “lasting digital currency,” Bailey said.
Read more: GameStop Investing Craze ‘Proof of Concept’ for Bitcoin Success, Says Scaramucci
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
