Understanding the Reality of Cryptocurrencies: Examining Three Major Cases Proves They Are Not Equivalent to Fraud

Cryptocurrency is not synonymous with fraud! What is the truth?
Using virtual currency is not a crime. Recently, I came across a statement that saddened me, made by a seasoned legal professional: “Virtual currency transactions should be presumed to have fraudulent intent.”
At first glance, I was dumbfounded. This isn’t China, and even Hong Kong has already embraced it. Where did this strange conclusion come from?
But upon further reflection, I can understand it. Perhaps this elderly expert has witnessed malicious individuals using cryptocurrencies for scams, deceiving innocent people out of their money. I can also understand that with the recent incidents involving exchanges, the older generation of legal professionals may develop a dislike for virtual currencies.
However, at the same time, we must not forget why the bad guys would want to use it. It’s because it’s useful and convenient, just like how ordinary people use it in their daily lives.
What saddened me about this statement is that this elder expert only approached it from the most primitive human emotions, generalizing the entire concept based on isolated negative events, while disregarding the reality of 99% of the situations.


I don’t believe that if bad people use fiat cash for money laundering, we should jump to the extreme conclusion that “using fiat cash should be presumed to have fraudulent intent.”
The reality is:
1️⃣ Bitcoin celebrates its 2nd anniversary as legal tender in El Salvador.
2️⃣ Following El Salvador, the Central African Republic also recognizes Bitcoin as a legal currency.
3️⃣ The U.S. SEC will make a decision on whether to approve the Bitcoin ETF applications from 11 financial giants, including BlackRock, on January 10, 2024.
If this statement holds true, it implies that:
1️⃣ People and businesses using Bitcoin for their daily lives are engaging in fraud every day.
2️⃣ Overseas workers sending Bitcoin back to their families are deceiving their loved ones.
3️⃣ The Bitcoin ETF applications (including BlackRock) are executing the largest-scale fraud in history because they also want to buy Bitcoin.
But the reality is not like that, and the reasoning is simple:
I don’t believe that if bad people use fiat cash for money laundering, we should jump to the extreme conclusion that “using fiat cash should be presumed to have fraudulent intent.”
Differentiating between bad people and tools is the first step that everyone can take. As for the rest, we don’t force it because not everyone can keep up with new trends. Just like my most admired idol, Charlie Munger.
️ Further reading:
Charlie Munger, Warren Buffett’s “right-hand man,” passes away at the age of 99! He once criticized cryptocurrencies as harmful poison that only brings damage.
＃Using virtual currency is not a crime
＃Using virtual currency for malicious purposes is
The views expressed in this article do not represent the stance of “WEB3+”.
This article is authorized and reproduced from:
Guokr Mr. Shell
Proofread and edited by Gao Jingyuan.