Bitcoin’s underlying technology helps solve crimes, claims Andreessen Horowitz exec

Facebook’s entry into the cryptospace with its native cryptocurrency, Libra, has put Bitcoin and other cryptocurrencies in the spotlight. Several financial watchdogs across the world have now acknowledged the presence and widespread use of cryptocurrencies. However, most of them, including the President of the United States, have dissed Bitcoin, suggesting that it would pave way for criminal activities.

In a world where several people view Bitcoin as an instrument to carry out illegal activities, Katie Haun, a former Prosecutor and General Partner at Andreessen Horowitz, has asserted that the same technology has helped her solve cases. Blockchain transactions or “digital bread crumbs,” as Haun calls it, have helped her track down illegal funds a lot more efficiently than trailing cash. The first female partner at Andreessen Horowitz added,

“The government was able to use that same technology to actually track down criminal activity it might not otherwise have been able to. Without the technology underlying bitcoin, we never would have been able to catch those people.”

Haun expanded upon the same, claiming that tracking crime through credit cards and international bank accounts is a lot harder as it requires a subpoena. Read More...