Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s Libra, and the entire asset class of cryptocurrencies.
The outspoken United States president said that the asset class is “highly volatile,” “unregulated,” “based on thin air,” and “can facilitate unlawful behavior, including drug trade and other illegal activity.” While Bitcoin is so many other things, not even 24 hours after the President’s tweet, Bitcoin is being used at the center of a $2 million ransomware case involving a New York City college.
Federal policy makers have a sore spot when it comes to cryptocurrencies like Facebook’s Libra and Bitcoin. They represent the biggest challenge against the government’s stronghold over society afforded to them through their control of government-issued fiat currencies, such as the US dollar, Japanese yen, or the Swiss franc.
Governments also fear the anarchy it can bring due to the layer of pseudo -anonymity it offers individuals. These same qualities make crypto like “catnip” for cyber criminals according to on Google security researcher.
Related Reading | Google Security Expert: Crypto is Like Catnip for Cyber Criminals
Criminals use Bitcoin and other cryptocurrencies in an attempt to remain hidden digitally using the asset class, and is a vehicle for money laundering and other “unlawful” activities as Trump called it.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
But Bitcoin and crypto get an unfair rep. Fiat currencies like the US dollar that Trump is championing is used in more crimes daily than nearly any other currency in the entire world, yet Trump isn’t attacking his government-approved money.
Sadly, not even 24 hours later after Trump slamming Bitcoin for its use in crimes, Monroe College in New York City was hit with a massive ransomeware attack involving – you guessed it – Bitcoin.
The cyber criminals are demanding 170 Bitcoin, or roughly $2 million by today’s prices. Bitcoin may be a futuristic emerging technology, but its use in this crime is setting the college back decades.
“We know how to teach and educate without these tools,” Monroe College spokesperson Jackie Ruegger said referencing that the college education must go on even if the entire campus’ computer system is locked down by the ransomware.
Ransomeware is a malware script that’s sent to a computer network and attacking it, and locking out the actual owners from using their vital equipment. The issue is growing widespread, with more and more cases of the situation occurring on the regular at government offices and educators across the US.
It’s reasons like these why Trump and other policy makers can’t see Bitcoin for all the positive it brings, but because Bitcoin cannot be controlled, it’s always be free for anyone to do was they please with it – even commit crimes – and in a way that’s the beauty of Bitcoin.
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