Go to GBTC ATM shops in Barcelona, they'll do KYC-less $100K transactions for 4% transaction fees. I was shocked and walked out of the shop.
If you come to South Florida, you'll find that there was an era where cartels would pay high schoolers to roll up to ATM's and empty them of cash one by one.
Crypto ATMs have 7%-15% fees with no KYC up to 1k USD and have grown about 5x-10x in the last 5 years in the USA.
Ask yourself, do Somalis in Minneapolis care about cryptocurrency or did the proliferation of Crypto ATMs in the city and subsequent drought of court cases around Al Shabab money laundering in the region have some sort of relevant relationship?
If you go to China, from what I've been told, there's private OTC massive wechat groups that have coded words for crypto transactions.
In India, it's the same now, you can liquidate crypto on the street with ease.
The real problem now for the market cap of cryptos is the ultimate draw down in the growth rate of KYC'd accounts in demographically high gdp growth countries.
India implemented 1% per trade, zero loss deduction, 30% cap gains taxes on crypto...essentially incentivizing indigenous stock ownership over any and all crypto assets.
Portugal implemented crypto short term capital gain taxes as well.
It might be easier to trace than paper money, but it's still a world class indefatigable money laundering substrate that trades well with watches and other asset classes.
Customs agents at major ports of entries have not been checking watches. Miami etc...