Mike Novogratz says Bitcoin’s not a ‘funny business’ against ECB chief

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Not long after the President of the European Central Bank called Bitcoin a “highly speculative asset” and used it to carry out money laundering, Mike Novogratz went to Twitter to condemn Bitcoin‘s official comment.

The Galaxy Digital founder noted that a number of big banks in Europe have been fined for money laundering offences over the years. According to news, even UK-based banks, such as HSBC, Barclays, RBS and Standard Chartered, are included in this list.

The National Crime Agency (NCA) official announced that the amount of money laundered in the United Kingdom had risen to £150 billion ($204,789,750,000) annually. In the last decade alone, Europe’s largest banks have charged more than $10 billion in fines for money laundering offences.

Furthermore, Novogratz said in a tweet that he had yet to see evidence of any “large-scale money laundering” via crypto:

Banks have paid billions in fines for money laundering and other hanky panky over the last decade. I am sure over $100bn.

I’d like to see evidence of large scale money laundering in crypto before we get comments like this.

But according to Christine Lagarde, Bitcoin was part of illicit activities that has “conducted some funny business.” The head of ECB even called for implementing regulation for the crypto and said in an interview:

There has to be regulation. This has to be applied and agreed upon… at a global level because if there is an escape that escape will be used.

For those who had assumed that it might turn into a currency—terribly sorry, but this is an asset and it’s a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity.

In the past, Novogratz has often defended Bitcoin. When some corporate companies started spending millions in Bitcoin in 2020. Novogratz believed that Bitcoin was a “institutional product” and that Rubicon had been crossed in the acceptance of the currency.

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