Researchers identified more than 600 cryptocurrency addresses used by white supremacists and far-right extremists including many who have reaped major windfalls.
Fringe movements have acquired an estimated tens of millions of dollars in bitcoin and other cryptocurrencies, according to aWhile bitcoin today is used more as an investment asset than a functioning currency, its early adopters promoted the fact that it was a way to conduct financial transactions without any involvement from banks.
“There’s a pretty strong libertarian streak that runs through the far right,” she said. “Crypto looked to them like an interesting toy and a way of being in charge of their money and not having to use central banking. Then when you layer the antisemitism, on top of that, as in ‘the banks are controlled by the Jews,’ it makes a lot of sense why these early adopters, these libertarian-styled guys, would get involved in Bitcoin so early.
That growth has coincided with the rapid appreciation of bitcoin. A single bitcoin is now worth about $47,000. Two years ago, the price was closer to $7,000.
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