Immense Increase in Government Bitcoin, Crypto and Blockchain Interest!

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The New York-based company has been stringent towards illicit use of bitcoin and crypto
  • Michael Gronager of Chainalysis personally believes that the future of finance will be represented by cryptocurrency and bitcoins
  • There has been a backlash against Chainalysis by the government agency IRS due to the attraction of negative attention by privacy token Monero

Chainalysis in a recent report revealed that the government around the world is slowly but surely changing its stance from more inclined to look at cryptocurrencies as a viable mode of financial transaction in future. The New York-based company has been stringent towards illicit use of bitcoin and crypto, due to the high demand from public sector agencies for investigative blockchain technology.

Michael Gronager, the chief executive of Chainalysis, expressed his excitement by stating that it’s good to see how the public sector can help the private sector grow. He personally believes that the future of finance will be represented by cryptocurrency and bitcoins.

With government being one the biggest stakeholders, Gronager believes that every time they earn a government contract, it will help the growth of the private side.

Gronager is confident that companies like Chainalysis will be helpful to the nascent crypto industry thrive despite the mixed reception among the bitcoin and cryptocurrency community due to the increased government and regulatory oversight.

He had also mentioned about how there’s an understanding now that crypto can enable compliance and regulatory oversight, and how it’s become clearer that bitcoin and crypto are here to stay. He believes that this year is the great evolution of bitcoin and cryptocurrency technology and hopes that blockchain will help to create a better system compared to the previous years. He also mentioned how bitcoin and cryptocurrency analytics can help the law enforcement with handling the hackers (in reference to the large-scale twitter hack).

There has been a backlash against Chainalysis by the government agency IRS due to the attraction of negative attention by privacy token Monero. Gronager thinks that privacy coins such as Monero and Zcash are a very interesting technology, although they work in a similar way as bitcoin. Monero and zcash don’t have liquidity unlike bitcoin, hence it can’t be used for criminal activities. Although they provide privacy features, they’re used in a small scale since they are niche products.

Earlier this July, Chainalysis had raised around $13 million in order to expand its series B round to $49 million with an investment from Ribbit Capital and Sound Ventures to meet the demand from the public sector. The company had also announced the opening of new offices in Tokyo and Singapore.

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