For years, Bitcoin evangelists have grasped at straws trying to explain what their digital currency is actually good for. Is it a hedge against inflation, or maybe a decentralized alternative to corrupt banking systems? Perhaps it’s the future of digital commerce?
As it turns out, none of those really stuck, as extreme price swings and fees make the crypto a bad fit for most practical commercial purposes. The horrifying abduction of Nancy Guthrie, however, highlights perhaps the one persistent utility Bitcoin has been able to maintain: its place as the de facto global currency of crime.
As reported by Fortune, a purported ransom letter by the kidnappers of Today host Savannah Guthrie’s mother has demanded a $6 million Bitcoin payment in exchange for her return.
Unlike other ransom notes swirling around, there’s reason to suspect the demand is legit; it reportedly included details about the home Guthrie was kidnapped from and what she was wearing when she disappeared, along with a deadline for payment. Per TMZ, which received a copy of the note, the address of the Bitcoin wallet included in the ransom note is authentic.
Bitcoin’s draw for kidnappers is simple enough: as a blockchain currency, crypto is a much more secure payment option for criminals looking to protect their identity than fiat currency. While transactions across Bitcoin wallets can be tracked, it’s much easier for bad actors to obfuscate their identities with crypto compared to regular currency transferred online.
Guthrie’s kidnapping comes after a year of similar criminal acts with Bitcoin at the center. Back in May, a man named John Woeltz, also known as the “Crypto King of Kentucky” was arrested after he allegedly took an Italian man hostage. Woeltz’s plan seemed to be to torture the man to gain access to his Bitcoin wallet.
That same month, the daughter of French crypto mogul Pierre Noizat was the victim of a botched kidnapping attempt in the streets of Paris.
Whatever happens in the case of Nancy Guthrie remains to be seen — but it’s clear that her kidnappers chose Bitcoin for a reason.
