DEA Special Agent: 90% of crypto transactions used to be for illegal purposes - today that number is just 10%...

U.S. Drug Enforcement Administration (DEA) has been monitoring the use of cryptocurrency for 5 years now, one of the people in charge of this is Special Agent Lilita Infante.

Now she says a complete flip of the statistics has taken place.  When she began monitoring things, up to 90% of bitcoin transactions were for illegal activity - mostly purchases of products from the dark web. Speaking to Bloomberg, Infante says that number has dropped to just 10% currently.

“The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased The majority of transactions are used for price speculation." says special agent Infante.

Also interesting, the DEA isn't just tracking how much is being spent, they're also serious about learning the tech - and it sounds like they have a pretty strong grasp on things.

"The blockchain actually gives us a lot of tools to be able to identify people, I actually want them to keep using them." she added.

So basically, people still do use cryptocurrency on the dark web, we're not saying that's gone away - but cryptocurrency has become so popular the overwhelming majority of those involved are law abiding citizens. Which is why we should be treated as such.

On that note, while all this comes as no surprise to those in the cryptocurrency world, it does make me think about Democrat Congressman from California Brad Sherman. 

Last month I covered a story of him calling for a total ban on cryptocurrency after he implied everyone involved in cryptocurrency is part of the underworld, saying "It a solution ONLY to the problems of tax evaders, criminals, and terrorists!"  going so far as to say cryptocurrency supporters even "delight in that" at a congressional hearing with House of Representatives Financial Services Committee.

The congressman now seems at odds with the official data being provided by other government agencies, specifically the ones that oversee some the very crimes he said was a concern.

Like I've said many times before, and I don't see changing any time soon - Bitcoin's main feature, the public ledger is also the main reason it's a horrible choice for criminals. A record of who sent how much, and to who, all out in the open where law enforcement won't even need warrant to see it.

This is why cash will always be criminal's preferred money transfer method.
Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk