Again Steve Munchkin (as I'm going to call him now) is completely unaware of how ridiculous he sounds. He went on CNBC and said the stupidest thing he could, and when confronted he doubled down.
The idea that Bitcoin is only used for crime is not only ridiculous, but it also ignores the simple fact that even if a currency is used for crime, banning said currency is ridiculous. Which is to say, that if the metric we are using to determine if something should be banned is not solely based on the activity of bad actors, but in a net gain/loss sense.
I will give props to Joe Squawk for pushing back, and correctly pointing out that the US dollar is #1 worldwide for criminal activity, and mind you, not all crimes are committed by Chapo look alikes. As a matter of fact, there's a list easily available of the biggest criminals in this field, and guess what, they are The Banks.
Did HSBC not pay insane fines recently for laundering ridiculous amounts of money? Yes, of course it did. But, Munchkin is too busy being ridiculous to make heads or tails of his argument.
https://twitter.com/SquawkCNBC/status/1151817678157484034
- SquawkCNBC
As pomp says... The virus is spreading!
MenO
