Tyler Winklevoss denounces Goldman Sachs double standards with Bitcoin
Gemini co-founder Tyler Winklevoss denounces Goldman Sachs’ double standards with Bitcoin when speaking of money laundering on the Blockchain.
One of the recurring accusations against Bitcoin is that the cryptocurrency is a vehicle for money laundering. And one of the institutions that has been at the forefront of that 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 denounces the double standard of Goldman Sachs with Bitcoin.
Transparency in Bitcoin
From time to time, some voices within the financial market rise up to criticize Bitcoin. Accusing the cryptocurrency of serving as a means for the legitimation of capital by criminals. Who would take advantage of the privacy offered by the BTC Blockchain, to send money, product of their illegal activities, across borders.
Adding that, due to the cryptographic technology on which the Bitcoin Blockchain is based, it would be impossible to track down criminals who use the cryptocurrency as a means of payment. Hindering the activities of the police forces to persecute drug traffickers and smugglers.
However, none of these accusations has a basis in reality. Well, despite being a private currency, Bitcoin is also a transparent currency. This means that, unlike other financial institutions like Goldman Sachs, Bitcoin transactions can be audited by anyone.
Therefore, although the police forces do require special training to be able to track payments made through the Blockchain. They are not impossible to audit by law enforcement. Those that can follow the origin and destination of any transaction.
The Tyler Winklevoss indictment
Of course, this does not mean that the Bitcoin Blockchain is exempt from criminal activity. Well, it is always possible to use any international financial network for illegal purposes.
However, compared to other mechanisms for sending money across borders, the truth is that Bitcoin has a low percentage of use by criminals of any kind.
And the best example of this is the denunciation of the double standards of Goldman Sachs made by Tyler Winklevoss. Well, the co-founder of Gemini would have commented through his Twitter account that, while Goldman Sachs accused Bitcoin of being a mechanism for sending money by criminals. The organization itself legitimized capital in 2012-2013 for more than double the figure of which it accuses Bitcoin.
Goldman Sachs: In 2019, $ 2.8 billion in Bitcoin was sent to cryptocurrency exchanges by criminal entities. Fun fact: Goldman Sachs facilitated $ 6 billion in money laundering through the 2012-13 1MDB scandal. Double standards? “
Thus, it is clear that despite the figures given by Goldman Sachs regarding Bitcoin, at the end of the day, the criminal activity that can take place within the cryptocurrency Blockchain, is but a small fraction of what occurs in the traditional financial market.
So, as Tyler Winklevoss suggests, it would be necessary to consider whether there is a double standard on the part of Goldman Sachs in its analysis of cryptocurrency.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.