Criminals Use Bitcoin for the Same Reasons Everyday People Do

We should resist the instinct to treat every criminal use of a new technology as proof that the technology itself is fundamentally flawed.

Published on Mar. 1, 2026

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In the Nancy Guthrie kidnapping case, investigators say the perpetrators demanded millions of dollars in bitcoin as part of a ransom scheme. The detail quickly became central to the coverage, once again casting cryptocurrency in the familiar role of a financial tool for criminals. However, the author argues that this narrative oversimplifies the issue, as criminals use bitcoin for the same reasons millions of ordinary people do: it is fast, borderless, and efficient.

Why it matters

The key distinction often overlooked in headlines is that Bitcoin is not anonymous, but rather pseudonymous. Every transaction is recorded permanently on a public blockchain, which has given rise to an entire industry of blockchain analytics firms that can trace transactions and connect pseudonymous wallets to real-world actors. The majority of crypto activity today is entirely legal, yet high-profile criminal cases repeatedly distort public perception.

The details

Bitcoin can be sent anywhere in the world in seconds or minutes, without depending on correspondent banking networks using outdated technology. This makes it appealing for migrant workers sending remittances home or entrepreneurs operating across borders. However, the same attributes that make digital assets attractive to bad actors - speed, global reach, and independence from intermediaries - are precisely the attributes that make them transformative for ordinary users.

  • The Nancy Guthrie kidnapping case occurred in 2026.

The players

Nancy Guthrie

The victim of a kidnapping case in 2026 where the perpetrators demanded a ransom in bitcoin.

Katherine Kirkpatrick Bos

A Chicago-based expert in digital finance, privacy technology, and the policy frameworks shaping the future of AI and blockchain, as well as the general counsel of StarkWare.

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What they’re saying

“We should resist the instinct to treat every criminal use of a new technology as proof that the technology itself is fundamentally flawed.”

— Katherine Kirkpatrick Bos, General Counsel, StarkWare (Newsweek)

The takeaway

The Nancy Guthrie case is a tragedy that deserves serious law enforcement attention and sober public discourse, but it does not deserve technological scapegoating. Criminals may use bitcoin, but the same attributes that make it attractive to bad actors - speed, global reach, and independence from intermediaries - are precisely the attributes that make it transformative for ordinary users.