Neo-nazis using BTC to spread terror says US officials; an attempt to de-value Bitcoin?

The US Homeland security believes that there are certain domestic terrorist groups and neo-nazis using BTC (Bitcoin) to fund their criminal activities. This was confirmed by Jared Maples, director of New Jersey Homeland Security office, George Selim, VP of Anti-Defamation League (ADL) and Rena Miller, a finance expert from Congressional Research Service.

Bitcoin and other cryptocurrencies have been earlier used by other terrorist organizations like Hamas (Palestinian militant group) and will be used again. Similarly, there are indications of Neo-nazis using BTC to fund their agendas and attacks like the car attack in Charlottesville, Virginia in August 2017.

According to a report received by Selim, the infamous Andrew ‘Weev’ Auernheimer, described as a ‘neo-nazi white supremacist’ by some, has already received huge funds for future nefarious activities. All of the payment has been made by BTC.

Neo-nazis using BTC- how does it affect bitcoin?

The sudden overuse of BTC for such criminal activities will certainly have an effect on the BTC value. With these activities rising, there will be stricter sanctions on the government’s sides. Ultimately it will not only affect BTC but all the cryptocurrencies around the cryptosphere.

However, it’s not just the cryptocurrencies that are being used to support these terrorist and white supremacist groups. Apple’s iTunes has been a source of funding for more than 50 terrorist groups. With this, Selim has already recommended that agencies like Homeland Security, the FBI and others take strict actions on these groups and prosecute them.

Certain parts of the crypto world have argued that Fiat currency is still the number one source of all the illegal activities carried out in the US and the world. From drug cartels to other terrorist activities, fiat currency is the number one preference by the terrorist groups. Besides this, fiat currency can’t be tracked, unlike a lot of cryptocurrencies.