The air from the ‘cryptocurrency balloon’ keeps getting released and pumped up. A couple of years ago, one bitcoin was valued at $20,000. Buyers and advocates of this perceived digital powerhouse were celebrating the demise of fiat currency. As we close out 2020, its value fluctuates. The Bank of International Settlements has referred to cryptocurrencies as, “a bubble, Ponzi Scheme and environmental disaster.”
Notwithstanding this criticism, Bitcoin has gained more validation. It’s been accepted by Paypal as an alternative method of payment. Plus, Jack Dorsey, Founder of Twitter and Square, says, “The World ultimately will have a single currency. The Internet will have a single currency. I personally believe it will be Bitcoin.”
Unfortunately for some people, they lost money when they bought into online headlines of ‘get rich quick’ schemes. During June and July 2018, Action Fraud reported that victims lost over £2 million of their hard earned money. Once they made payments via websites, soon after they were closed down, therefore making it harder to trace criminals. As a result, this has placed a heavy burden on police forces around the World.
The City of London Police Force have taken matters in hand when they launched the Cryptocurrencies for Investigators Course. It is designed to up-skill officers so they are knowledgeable about how to manage cryptocurrencies during their investigations. This is imperative as digital currencies provide a shield for criminals because they can hide their identity. These methods of payments facilitate fraud, money laundering, terrorism and drug dealing.
To thwart these activities there will be a rise in the number of Crypto Investigators. They may work in the public or private sectors, using Artificial Intelligence. Algorithms will be used to track down and investigate criminals making digital transactions.
Before long we may even see the adoption of Sentencing Assistants in the form of robots, in our courtrooms. They are currently being trialled during cases in China. These robots analyse evidence, similar previous cases and other data. On completion they suggest to the judge the type of sentence to be passed.
Before this reality takes hold, there’s time for you to retrain and develop your investigative skills. Cryptocurrency Investigator could well be your next job title.