Novogratz Slams ECB Chief for Associating Bitcoin with Money Laundering

“This is an asset and it's a highly speculative asset which has conducted some funny business and some interesting and reprehensible money-laundering activity.”

Novogratz Slams ECB Chief by Reminding Money Laundering in Banks

Novogratz slams ECB chief on Twitter by reminiscing the money laundering incidents in banks. He mentioned that last year's incident when the European banks were fined around $10 billion as they had laundered $204 billion. It has been seen that over the past ten years, a lot of banks are held accountable for money laundering incidents. 

Novogratz has also mentioned that he would like to see the evidence of any large-scale money laundering through crypto. Back in 2006, the Wachovia banking giant was held responsible for helping in the $378 billion money laundering.

Bitcoin Price Increases Despite the Association 

Even though Lagarde has given such a strong statement against Bitcoin, it doesn’t seem to have any effect on Bitcoin’s performance. Despite claiming this association of Bitcoin with money laundering, its price has increased by 10%. On January 13, 2020, it was recorded that the Bitcoin price had reached above $38,000 with an increase of 10 percent. This year, Bitcoin has reached several all-time highs as it has reached $42,000. Recently, it has undergone a huge correction as the price fell by 20 percent, however, several analysts have claimed this to be a healthy correction. It is yet to be seen how Bitcoin is going to perform in the near future but the predictions are highly bullish.