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Originally Posted by PilotMan
Transfer of money to/from sanctioned countries/individuals. Transfer of money in support of terror or terror regimes. It wouldn't surprise me if the government spent a ton on bitcoin for the black budget projects for the military.
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The coding that allowed for the electronic anonymity on the Dark Web came from a U.S. naval research facility, and the U.S. is behind a lot of the funding that keeps it running, because that anonymity allows for communication with assets in sanctioned regions or ones where their anonymity protects them. I don't think it's even a secret, just a poorly communicated one.
U.S. (and allies) covert operations more or less accept that the anonymity is a requirement for the work they're doing. But that anonymity needed to be available to others in general, otherwise everyone would know that someone who was untracrable online was almost certainly a U.S. agent. That of course means putting it out there for the general public to use, including criminals and geopolitcal enemies.
Strangely enough, one hand of the U.S. foots a big portion of the bill behind the elements that keep the Dark Web up, while another part of the U.S. government works to track down enemy actions on that same Dark Web (counter-intelligence, antiterrorism) and criminal activities (FBI, DEA).
Bitcoin is also probably propped up by the U.S., but I suspect the primary funder is China. From what I understand, crypto really got its start and support there, and some of the biggest cryptomining and blockchain operations are in China because the People's Republic works to keep them hidden while also partaking of their services.
Bitcoin (and cryptocurrencies in general ) was a business necessity once online anonymity became a thing because financial transactions could be tracked even if online identities could not. Dark Web users needed the protection provided by both elements (online and financial).
So the U.S. has an immense role in the existence and even support of crypto. Which is why I think it's here to stay, just as the Internet is. I do suspect a lot of the current valuations and price volatility in crypto and particularly Bitcoin are a result of a bubble founded on greed and uncertainty by the vast majority of crypto owners, but over the long haul, it is likely to settle down and move up and down in a similar fashion to basic stocks.
I highly recommending giving a listen to the Dark Web series available for free to Prime users on Audible. It is fascinating and scary at the same time. There is a ton on there about Bitcoin and crypto.