Sorry Charlie (Munger)! Bitcoin May Soon Be Less Important to Cybercrime and Hijackers – Bitcoin (BTC/USD), Monero (XMR/USD)

Leading cryptocurrency bitcoin is known for many things, whether it is used to buy pizza, placed on companies’ balance sheets, used as currency in countries like El Salvador, or as a store of value Are.

A well-known use case may become less important in the future and silence critics.

What happened: A leading cyber security company has talked about Bitcoin BTC/USD Ransomware is soon becoming less important in the world of negotiations and payments, as opposed to who Berkshire Hathaway Inc BRKABRKB vice president Charlie Munger Recently said about cryptocurrency.

kaspersky Bitcoin may be less trusted as a source of use for illegal activities due to sanctions and calls for new market regulation.

“With the price of crypto falling, threat actors will stand to profit less, and will therefore look to other more profitable forms of payment,” Kaspersky Global Research Researcher Mark Rivero told Decrypt.

The good news may be that bitcoin is not being used for illegal activities. The bad news is that Kaspersky sees privacy as a coin. Monero XMR/USD And Gent Cash ZEC/USD Used instead of activities.

“As markets become more regulated and the technologies used to track the flow and sources of bitcoin improve, threat actors will naturally move away from this form of payment as it exposes them to risk. Opens up and increases your chances of getting caught.”

A report by Chainalysis states that $602 million in cryptocurrency was linked to ransomware payments in 2021.

Related Link: How To Buy Bitcoin

Why this is important: Skepticism for bitcoin and other cryptocurrencies is likely to increase following the FTX bankruptcy.

One of the biggest detractors of bitcoin is Munger, who is famous for calling the leading cryptocurrency rat poison. Munger also doubled down on bitcoin after the FTX bankruptcy.

“It’s a very bad thing. The country didn’t need a currency that was good for kidnappers,” Munger said.

It took a long time for Rome to decline, Munger said, adding that bitcoin and those supporting it could help fuel the civilization’s decline.

“There are people who think you have to get into every deal that’s hot, and they don’t care if it’s child prostitution or bitcoin.”

bitcoin bull Anthony Pompliano Recently Asked criticized Munger’s comments.

Pompliano said, “They don’t understand technology.”

Pompliano said that studies have shown that the US dollar is more widely used for money laundering than bitcoin, but people “want to grab onto anti-Bitcoin statements.”

Pompliano suggested that if Munger and his colleague Warren Buffett were 25 to 35 years old, they would be buying bitcoin today.

Read Next: ‘Cryptocurrencies Threaten Our Society’: Congressman Hits Back at Billionaire Crypto Bros

Photo: Alexander Geiger via Shutterstock

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