America’s most successful and notable venture capitalists Tim Draper, explained during a recent podcast of Life’s Tough why criminals must steer clear of Bitcoin if they don’t wish to get caught.
Tim Draper is a forward-thinking, Bitcoin-smitten investor who, by now, has accumulated enough wealth to offer some words of wisdom to those who want to be successful and wealthy. The beloved billionaire recently gave an extremely valuable piece of advice to the millennials by urging them to invest in Bitcoin if they want to build up enough capital to retire rich.
However, on Thursday’s episode of Life’s Tough, he shared a little word of advice to cryptocurrency scammers and money launderers operating on the darknet, who use Bitcoin as a payment option. Apparently, Bitcoin remains the most-preferred payment option on the darknet, following the hype generated on the Silk Road.
Avoid Bitcoin, use cash instead, Tim Draper tells criminals
Thus, Draper insists on using cash instead of Bitcoin, on avoiding getting tracked and caught. If you want to be a criminal and lucky enough not to get caught, avoid Bitcoin as Bitcoin transactions are easily traceable. Use cash instead, Draper argued.
Draper also assures that US law enforcement agencies and federal agents are keeping crypto transactions under tight surveillance.
Apparently, the famous Bitcoin proponent had managed to amass large sums of the cryptocurrency when he won the first-ever Bitcoin auction organized by the US Marshals way back in 2014. At that time, Bitcoin’s potential was still untapped, and because of his far-sighted vision and unceasing belief in Bitcoin, he was able to make a fortune out of the illicitly obtained crypto.
The U.S. Marshals offices are closely monitoring accounts for unwarranted transactions. They have the most up-to-date tools and devices to keep track of the ongoing transaction activities. Thus, the chances of going unnoticed are minimal to less, he ascertained.
Draper assured the criminals that as soon as they come under the scanner, the feds will pull out all stops to reach out to them. And that’s when they will run out of luck.
Draper’s ahead-of-his-time views on Bitcoin
While stating Bitcoin’s potential use cases outside of the dark web, Draper recalled the most catastrophic Bitcoin hack in history. The Japanese Bitcoin exchange Mt Gox witnessed tremendous success at the start of 2014. However, as the year progressed, the firm went bankrupt by falling victim to a three hundred fifty million US dollars ($350 million) worth hack.
Following the news, Draper thought that it would be the end of Bitcoin. However, he was surprised to see that devastating news managed to get Bitcoin price down by only fifteen percent (15%), and that’s when he realized that Bitcoin has much more potential than anticipated.
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