Cryptocurrency

What a double morality of Goldman Sachs with Bitcoin?

One of the accusations recurrent that are against Bitcoin, is that the criptomoneda is a vehicle for money laundering. And one of the institutions that has been at the forefront of this campaign, has been Goldman Sachs. However, the evidence seems to indicate that the financial institution is more involved in these activities than Bitcoin. For this reason, Tyler Winklevoss on to denounce the double morality of Goldman Sachs with Bitcoin.

The transparency of Bitcoin

From time to time, some voices within the financial market would rise up to criticize Bitcoin. Accusing the criptomoneda serve as a means for the legitimization of capital on the part of criminals. Those who would take advantage of the privacy offered by the Blockchain of BTC, to send money, proceeds of their illegal activities across the borders. Adding that, due to the cryptographic technology that is based on the Blockchain of Bitcoin, it would be impossible to track criminals who are using the criptomoneda as a means of payment. Hindering the activities of the police forces to prosecute drug traffickers and smugglers. However, none of these accusations have no basis in reality. Therefore, despite being a currency private, Bitcoin is also a currency transparent. This means that, unlike other financial institutions such as Goldman Sachs, the transactions of Bitcoin may be audited by any person. Despite the comments of Goldman Sachs with respect to Bitcoin, the currency is fully auditable. Source: Blockchain.com so, effectively though the police forces require special training to be able to track payments through the Blockchain. The same are not impossible to audit by the forces of public order. You can follow the source and destination of any transaction.

The indictment of Tyler Winklevoss

Of course, this does not mean that the Blockchain of Bitcoin-exempt criminal activities. Therefore, it is always possible the use of any financial network international for illicit purposes. However, compared with other mechanisms for sending money across borders, what is certain is that Bitcoin has a low percentage of use by criminals of any type. And the best example of this is the denunciation of the double standards of Goldman Sachs which makes Tyler Winklevoss. Therefore, the co-founder of Gemini would have commented through his Twitter account that, while Goldman Sachs accused Bitcoin of being a mechanism for the sending of money by criminals. The organization itself legitimated capital in 2012-2013, more than double the figure of the accusing Bitcoin. “Goldman Sachs: In 2019, 2.800 million dollars in Bitcoin were sent to exchanges of cryptocurrencies by criminal entities. Fun fact: Goldman Sachs facilitated 6,000 million of dollars in money laundering through the scandal of 1MDB between 2012-13 what Double standards?“.

So, it is clear that, despite the figures given by Goldman Sachs with respect to Bitcoin, at the end of the day, the criminal activity which can take place within the Blockchain of the criptomoneda, is but a small fraction of that which occurs in the financial market traditional. So, as suggested by Tyler Winklevoss, one would have to consider whether there is a double standard on the part of Goldman Sachs in its analysis on the criptomoneda.

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About the author

Caroline W.

Caroline W.

Caroline is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2018, she joined CurrencyMarket24 as a writer.

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