Around this time last year, Bitcoin was supposed to be the next big thing in trade and technology. Now it’s crumbling and the leaders are crumbling with it.
A Bitcoin promoter is sentenced to two years in prison for his role in the ‘Silk Road’ money laundering scheme. The promoter’s name is Charlie Shrem. Despite Mr. Shrem’s pleas to the judge that he needed to remain free, the federal court didn’t give in.?Shrem was given an opportunity to speak to the court. He said, “The bitcoin community, they?re scared and there is no money laundering?going on any more. They?re terrified. Bitcoin is my baby…”. But in this Manhattan, New York court, prosecutors didn’t buy the act that Silk Road was some youthful accounting mistake. The judge didn’t buy it either. Shrem was also ordered to pay over $1 million back. The judge in this case said Mr. Shrem knew exactly what he was doing and was willfully involved and such serious crimes required prison time.
Despite this tragic end, it could have been worse. Charlie Shrem was looking at as much as six years. Bitcoin is only a fraction of what it once was, but there is still some life there. I’m not suggesting investing in it, but I don’t think Bitcoin is dead either. I hope they’ve learned and can move on. Will you be investing in Bitcoin?