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this post was submitted on 20 May 2024
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most of the bitcoin being spent on electricity and hardware gets exchanged for actual currency before it is spent. And most of the luxury goods sales are gimmicks and limited time.
And there is a huge amount of criminal activity with bitcoin still, they just mainly use it to launder money now as the transactions are impractically slow and costly for anything but particularly large trades.
"The multi-chain era has had a sweeping impact on the distribution of illicit crypto volume as a whole, where Bitcoin’s share plummeted from 97% in 2016 to 19% in 2022. In 2016, two thirds of crypto hack volume was on Bitcoin; in 2022, it accounted for just under 3%, with Ethereum (68%) and Binance Smart Chain (19%) dominating the field. And while Bitcoin was the exclusive currency for terrorist financing in 2016, by 2022 it was all but replaced by assets on the TRON blockchain, with 92%."
TRM illicit crypto ecosystem report 2023