The bullion market is slowly but steadily flooded with ‘dirty gold bars,’ according to a recent Reuters report. It’s interesting to know what Peter Shiff and other gold supporters would say about this. Is the precious metal better than Bitcoin in terms of money laundering?
Gold Market Flooded with Fake Bars
Many Bitcoin skeptics have criticized the cryptocurrency for helping criminals hide their dirty profits. Remember US Treasury Secretary Steven Mnuchin saying that Bitcoin was supporting malign behavior?
“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking,” the US official told the press in mid-July.
Well, part of their fears are valid – Bitcoin was among the most used payment options on now-defunct Silk Road marketplace. But what about fiat currencies, especially the US dollar? Did Pablo Escobar’s cocaine empire rise in the cryptocurrency era?
Now it’s time for gold…