Michael Ellis, deputy director of the Central Intelligence Agency (CIA), recently shared his thoughts on Bitcoin
Speaking on Anthony Pompliano’s podcast on May 1, Ellis explained that these digital assets can help the US stay ahead in global technology competition, especially against China.
Ellis stated, “It’s another area of technological competition where we need to make sure the United States is very well positioned against China and other adversaries. He added that “Bitcoin and other cryptocurrencies are another tool in the toolbox”, but “also a target”.
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Ellis explained that digital assets could serve two purposes. They can help US intelligence services collect valuable information, and at the same time, they offer a way to disrupt activities by foreign enemies. Since cryptocurrencies record all transactions publicly, Ellis suggested they create new opportunities for tracking illegal or suspicious money movements.
However, Ellis also noted that crypto is not only used by governments and businesses. It is also popular among criminal groups, including drug cartels, terrorist organizations, and hostile states. He mentioned that hackers linked to North Korea often rely on cryptocurrency to move stolen money.
Despite the risks, he stated, “Bitcoin is here to stay, cryptocurrency is here to stay, as you know more and more institutions are adopting it, and I think that’s a great trend”.
Recently, Greg Cipolaro, head of research at New York Digital Investment Group (NYDIG), shared his views on Bitcoin during periods of market stress. What did he say? Read the full story.
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