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New research shows US dollars are far outpacing Bitcoin when it comes to illicit use of the two currencies.
According to the crypto research firm Messari, $800 in cash is laundered for every $1 worth of BTC that is spent on the dark web.
Messari used data from Chainalysis and the United Nations Office on Drugs and Crime for the comparison.
The chart analysis follows recent comments from US Treasury Secretary Steven Mnuchin, who recently stunned CNBC anchor Joe Kernen by saying cash is not used for money laundering, drug trade and other illegal activities.
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Mnuchin stated,
“I don’t think it’s been successfully done with cash, I’ll push back on that.
We’re going to make sure that Bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a real risk to the financial system.”