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1.23 MB
Extraction Summary
1
People
5
Organizations
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Locations
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Events
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Relationships
2
Quotes
Document Information
Type:
Presentation slide / internal report
File Size:
1.23 MB
Summary
A Goldman Sachs Investment Management Division presentation slide (page 11) discussing the decline of illicit use in Bitcoin. The slide argues that because Bitcoin is pseudonymous rather than anonymous, criminals are moving to other cryptocurrencies like Monero and Zcash. It features a critical quote from BlackRock CEO Larry Fink from 2017 calling Bitcoin an 'index of money laundering.' The document bears a House Oversight Bates stamp.
People (1)
| Name | Role | Context |
|---|---|---|
| Larry Fink | CEO, BlackRock |
Quoted regarding his negative view on Bitcoin as an index of money laundering.
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Organizations (5)
| Name | Type | Context |
|---|---|---|
| Goldman Sachs |
Logo present in top right; specifically the Investment Management Division.
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| BlackRock |
Company led by Larry Fink.
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| Blockchain Intelligence Group |
Cited as a source for statistics on illegal transaction volumes.
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| Investment Strategy Group |
Cited in the footer.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT' indicating this document was produced for a congressional investigation.
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Relationships (1)
Identified as BlackRock CEO Larry Fink
Key Quotes (2)
"Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is. It’s an index of money laundering."Source
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Quote #1
"The Blockchain Intelligence Group estimates that illegal transactions in bitcoin fell from ~50% of total volume in 2015 to ~20% in 2016, and represent 'significantly less than that' today."Source
HOUSE_OVERSIGHT_025674.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,190 characters)
Investment Management Division
Goldman Sachs
Goldman Sachs
As Bitcoin Ownership is Not Anonymous, Illicit Use has Fallen
Larry Fink on Bitcoin’s Illicit Use
"Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is. It’s an index of money laundering."
– BlackRock CEO Larry Fink, October 13, 2017
▪ Because bitcoin is pseudonymous, not anonymous, users’ real-world identities are ascertainable once the individual converts bitcoin to fiat currency.
▪ Digital intelligence companies continually scan the blockchain to identify suspicious transaction activity.
▪ The Blockchain Intelligence Group estimates that illegal transactions in bitcoin fell from ~50% of total volume in 2015 to ~20% in 2016, and represent “significantly less than that” today.
▪ As law enforcement has become better able to track bitcoin ransom, cybercriminals have begun to favor currencies that allow anonymity, such as Monero and Zcash, and even Ether.
▪ Digital intelligence companies continually scan the blockchain to identify suspicious transaction activity.
▪ The Blockchain Intelligence Group estimates that illegal transactions in bitcoin fell from ~50% of total volume in 2015 to ~20% in 2016, and represent “significantly less than that” today.
▪ As law enforcement has become better able to track bitcoin ransom, cybercriminals have begun to favor currencies that allow anonymity, such as Monero and Zcash, and even Ether.
Source: Investment Strategy Group, Blockchain Intelligence Group, https://www.cnbc.com/2017/08/29/dark-web-finds-bitcoin-increasingly-more-of-a-problem-than-a-help-tries-other-digital-currencies.html.
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