Indeed, there was a time when Bitcoin was the favored currency of bad actors. This in turn stymied mainstream adoption, albeit temporarily. Data today support the notion that the crypto criminality is on the decline.
“2020 was an incredible year for cryptocurrency. In spite of the devastation wrought by the worldwide Covid-19 pandemic, Bitcoin has shattered its previous price records, largely driven by the increased demand from institutional investors that many in the cryptocurrency community have long speculated would drive the asset to new heights,” reports Chainalysis. “However, as always, cryptocurrency remains appealing for criminals as well due primarily to its pseudonymous nature and the ease with which it allows users to send funds anywhere in the world instantly, despite its transparent and traceable design. But the good news is that cryptocurrency-related crime fell significantly in 2020.”