Cash Is Used Far More in Crime Than Bitcoin; Silver Lake Co-Founder Tells Davos

Glenn Hutchins, co-founder of global technology investment firm Silver Lake, countering the notion that bitcoin is used more for crime, said up to 90% of $100 bills are “used for organized crime and tax evasion.”

Glenn Hutchins shared his views while speaking at the World Economic Forum summit in Davos, Switzerland. 

In his speech, Hutchins said, Bitcoin is used for illicit purposes” ignores the immutable nature of the underlying Bitcoin- blockchain technology underlying bitcoin. reported 

He went forward to say;

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”.

“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.

According to CoinDesk, 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.

However, Bank of England Governor Andrew Bailey speaking at Davos on Monday, argue that digital innovation in payments is here to stay, but not cryptocurrency as it currently stands. Bailey said; 

“We’re still waiting for the right design and governance model for a “lasting digital currency.”