Illegal Use of Bitcoin Dropped By 50% in 2020, Citibank Reports
On 3/2/21 at 3:09 PM EST
Illegal use of Bitcoin fell from about $20 billion in 2019 to about $10 billion in 2020, according to a report released on Monday.
That total represented only a small fraction of the overall volume of Bitcoin transactions, the report said — and that percentage decreased as well.
"In total, just over 2% of the activity in the cryptocurrency space was linked to illicit activity in 2019, and that total was down to only 0.3% in 2020," Citi Global Perspectives & Solutions (Citi GPS), a Citibank "thought product," said in a 108-page research report. "However, the extent of such activity can often seem overblown based on news headlines alone."