There is concerted efforts by government and banks to destroy the bitcoin and cyber currency movement.
The “growing cryptocurrency ecosystem” is often described as “disruptive.” It is widely feared as a threat by banking authorities in the United States, Europe and Australia.
The New York Department of Financial Services, for instance, released a series of proposed regulations last week that may result in the shutdown of bitcoin in that state.
Earlier this month the Dutch criminal justice system was granted the authority to confiscate digital currency holdings while lawyers in Poland recently demanded more consumer protection surrounding bitcoin.
Linking bitcoin to terror and narcotics
The most effective way to destroy the bitcoin movement and protect the fiat currency system is to connect cryptocurrency to terrorism. This is precisely what happened earlier this month when the Islamic State, formerly ISIS, called for using bitcoin to fund its jihad.
In an article titled “Bitcoin and the Charity of Violent Physical Struggle,” Taqi’ul-Deen al-Munthir argues that in order for ISIS to fund its terror operations it must go outside the western financial system. “One cannot send a bank transfer to a mujahid [jihad fighter] or suspected mujahid without the kafir [infidel] governments ruling today immediately being aware,” he writes.
Interestingly, al-Munthir cites Silk Road, an online market place operated by Ross Ulbricht, aka Dread Pirate Roberts.
“The Silk Road was the popular online market running mostly on Bitcoin,” he explains. “It was an online black market that could have potentially be used for anything from purchasing weapons to donating to mujahideen, though most kufar used it to intoxicate themselves. It utilized user’s Bitcoin wallets, mixers to confuse those trying to spy on transactions, reputation systems, private messages, seller pages, and arbitrators, which could be readapted to be qadis.”
