US Navy Sees Bitcoin As An ‘Evolving Threat’

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US Navy Sees Bitcoin As An ‘Evolving Threat’
geralt / Pixabay

Bitcoin, and the idea of digital currencies in general, has gained a lot of traction in the last year, convincing serious investors like Fortress Investment Group LLC (NYSE:FIG) and Marc Andreessen that we’re looking at the growing pains of a revolutionary new technology. Now it has caught the attention of the US Navy for the exact same reason.

Navy involved in analyzing threat finance

While it might seem like a strange fit, the Navy has been involved in evaluating threat financing for some time. The basic idea is that if you want to track, monitor, and disrupt terrorist organizations then tracking the flow of funds that are meant to finance the groups (and future attacks) is an important part of the puzzle. It’s not fundamentally different from the FBI investigating a criminal organization’s finances alongside other types of crime.

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But digital currency could change the way that threat financing is structured by avoiding the world’s financial system and adding a layer of anonymity to transactions that is difficult, though not impossible, to break.

Bitcoin Magazine found a general solicitation from the Navy Engineering Logistics Office asking for vendors to help it “determine the extent to which the nature, trajectory, velocity, and decision making supporting funds flows change with the introduction of virtual currencies