- Bitcoin Maxist labels ETH, XRP, BNB, ADA, and a thousand other cryptos as Shitcoins used for financial terrorism.
- According to him, it is irreproducible and scarce, making it the “God’s money.”
A Bitcoin Maximalist has come strong at altcoins, labeling them with a popular derogatory name and questioning the real intentions of their founders. According to a renowned expert, Max Keiser, popular cryptos including ETH, XRP, BNB, ADA, and thousands of others classified as Shitcoins were created to fund terrorism.
It is important to note that Shitcoins refer to digital assets that have little to no value with no tangible purpose. This word is used for cryptos that emerged after Bitcoin became popular. According to Keiser, the likes of Vitalik Buterin, Brad Garlinghouse, Justin Sun, etc. who founded these assets should be prosecuted.
Yes. Shitcoins like ETH, XRP, BNB, ADA, & 1,000’s others are created by financial terrorists and are undoubtedly used to fund terrorism.
Yes.
Shitcoins like ETH, XRP, BNB, ADA, & 1,000’s of others are created by financial terrorists and are undoubtedly used to fund terrorism.
Do your job and put all the people associated with these coins in prison; Brad, Charles, Brock, Vitalik, Cynthia, Et al.#Bitcoin of… https://t.co/UiZ4B3FnTQ
— Max Keiser (@maxkeiser) October 28, 2023
His comment came after the US Treasury Department announced that it had imposed sanctions on ten crucial Hamas members and financial solicitors to cut its source of revenue. It can be recalled that the Israeli Defense Ministry claimed on October 7 that a Hamas-linked digital asset wallet intercepted had received $41 million in cryptos from 2019 to 2023.
Experts’ Opinions on Bitcoin in the Money Laundering Discussion
A British firm that analyzes a virtual asset transaction, Elliptic, has also stated that Hamas has raised $94 million in recent years.
Today, Treasury imposed sanctions on ten key Hamas terrorist group members, operatives, and financial facilitators in Gaza and elsewhere as part of a continuous effort by the U.S. to root out Hamas’s sources of revenue. https://t.co/KZtF6K60id
— Treasury Department (@USTreasury) October 18, 2023
Tom Keatinge, director of the Centre for Financial Crime Research and Security Studies at the Royal United Service Institute also believes that crypto is not the best in terms of raising or moving funds.
There is a degree of hyperbole about this topic. It’s relatively new, has a cachet, and is unknown by many people, so of course it attracts attention. You cannot ignore it, but if you think about the pros and cons of [using it for]raising or moving funds, crypto is not the best.
Speaking of this, Chainalysis, a blockchain analysis company, has disclosed that it is very difficult to distinguish funds meant to finance terrorism from those in virtual wallets.
Nicholas Ryder, a professor of law and specialist in terrorist financing networks at Cardiff University agreed to this.
It is impossible to quantify how much money is transferred via crypto, but it has become a more and more prominent funding method.
While Bitcoin is not exempted from most of these terrorism financing accusations, Keiser believes that the world’s first cryptocurrency stands tall among the rest with its irreproducible and scarcity features. To him, Bitcoin is “God’s money,” and was introduced to fight bad state actors.
The possibility of Bitcoin being used for money laundering and terrorism financing has been one of the main challenges of its adoption. This concern was cited as part of the reasons why China imposed a ban on crypto trading in 2021. In 2022, the Country’s authorities announced that they had arrested 93 people in connection with crypto-related money laundering.
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