Michael Morell Argues Blockchain Tech Behind Bitcoin is a Boon
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Michael Morell Argues Blockchain Tech Behind Bitcoin is a Boon

April 14, 2021      Sahaj Sharma

Michael Morell has recently argued in a published report that the Blockchain technology behind Bitcoin is underused as a forensic tool. In accordance with the statement released by the ex-CIA boss, the technology behind Bitcoin should not be avoided by governments but appreciated.

Former CIA Director Michael Morell Says Bitcoin is a Boon

The ex-boss of the CIA, Michael Morell has recently criticized the perspective that the criminals are utilizing Bitcoin and the technology behind Bitcoin for illegal activities. He particularly used the word ‘overstated’ in the recently published report.

The former acting director of the CIA released a statement in “An Analysis of Bitcoin’s Use in Illegal Finance” that read

“Blockchain technology is a powerful but underutilized forensic tool for governments to identify illicit activity and bring criminals to justice.”

The co-authors of the report are Thomas Schoenberger and Josh Kirshner and it was apparently helmed as a defense of Bitcoin. To be precise, it was:

“A response to growing concerns about the illicit finance implications of the cryptocurrency ecosystem.”

Crypto Council for Innovation’s published report said that the Blockchain technology behind Bitcoin can be utilized to catch them instead of giving rise to a narrative that it is used by criminals for illegal activities.

The report read:

“Put simply, blockchain analysis is a highly effective crime-fighting and intelligence gathering tool.”

In accordance with the data released in the report, tracking illegal BTC dealings is, therefore, more convenient than tracing illicit funds moved across international borders using orthodox financial dealings.

The Conclusion of Morell’s Report Regarding The Blockchain Technology

As mentioned in the report, Daniel Glaser, the former Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes shared a statement this year.

He said that the management of crypto in the “appropriate way” was required for the “law enforcement agencies to be able to trace transactions.”

In addition to this, the report said:

“Although DEXs are responsible for only a small portion of overall cryptocurrency transaction volume, their decentralized, mostly open-source nature adds an additional layer of anonymity and thus offers increased opportunities for moving illicit funds.”

The report by Michael Morell concluded by said that Bitcoin is left out due to one single reason, which is “people are typically fearful of what they do not understand.”

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.