The FUD Goes On… BofA CTO and Noted Economist Try (and Fail) to Call Out Bitcoin and Cryptocurrencies

While Bitcoin and the cryptocurrency market goes through what some might consider a healthy pullback, two figures in the world of traditional finance have taken yet another shot at Bitcoin and cryptocurrencies.

‘Designed to be Not Transparent’

Bank of America’s chief technical officer, Cathy Bessant, believes cryptocurrencies are preventing authorities from catching criminals and bad actors. She explained on CNBC‘s “Squawk Box” on Thursday:

As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort. In fact [it’s] designed to be not transparent.

Bessant has apparently never visited one of the many websites tracking Bitcoin’s very public ledger. If she had, she might realize that it’s extremely transparent – significantly more so than private banking ledgers. Nevertheless, Bessant claims police forces are incapable of tracking criminal transactions on the public ledger, stating:

The way we sort of quote-unquote catch bad guys is by being transparent in the financial moment of money. Cryptos is the antithesis of that.

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