US Domestic Extremists Receive Bitcoin Donations: Does Someone Want to Bring the Country Down?

The protesters that stormed the Capitol received Bitcoin donations worth around $550,000. Does that mean someone is funding domestic extremists to bring the country’s economy down?

According to a blockchain forensics firm Chainalysis, the amount was forwarded to 22 bitcoin wallets on December 8, around a month before the event. About a half of the amount (13.5 BTC) was sent to Nicholas Fuentes, the leader of the domestic radical movement.

Despite there is no direct proof that those transactions are related to the violent attack at the Capitol aimed at preserving Donald Trump's presidency, the tendency seems alarming. Chainalysis also revealed that domestic terrorism in the USA has been steadily receiving cryptocurrency donations since 2016.

Phantom menace

Cryptocurrency is a quite convenient instrument for terrorism financing, so it has been used by illegal players since its very inception. Probably, terrorists from all countries receive cryptocurrencies, and no one would be surprised about that.

However, the USA is one of the biggest economies in the world, and extremist activity can harm the country's hegemony in the global arena. So, such stable activity from outside can trigger the thought that it might be done on purpose.

Who is the enemy?

The USA has a lot of enemies. The country’s relations with China has been very tense over the past years. Besides the trade war, the two countries have been racing to outperform each other in the field of technology and innovations. In 2020, CoinIdol, a world blockchain news outlet, reported that China and the USA have been in a race to launch a central bank digital currency (CBDC).

On the other hand, the trade war has started during the presidency of Donald Trump, so it is more likely that China would like him off the leading chair.

Russia has also been the long-lasting rival of the USA. Ever since the USSR and the Cold War, the two giants have been secretly confronting each other. The USA condemned the military activity of Russia in Ukraine and Syria, which resulted in mutual economic sanctions. Perhaps, after the weakening of the USA which is the main rival, Russia would find it easier to continue intervening.

Many countries might wish for the weakening of the USA. For instance, Venezuela also suffers from sanctions related to the country’s president Nicolas Maduro and his illegal activity. So it is obvious that Maduro’s regime would benefit from weakening the USA.  

Fighting back

However, the USA is not going to give up that easily. The country’s law enforcers are doing their best to hunt down terrorists that are receiving funds in both cryptocurrency and fiat money. The 2020 year solely resulted in a series of arrests of people that were related to terrorists. During one of the operations, the law enforcers seized around 300 cryptocurrency wallets with over $2 million funds in them.

So, regardless of whether the funding of domestic extremists is intended or not, the USA seems to be ready to counter the attacks. What do you think, could someone fund extremists in the USA on purpose to weaken the economy? Let us know in the comments below!