How much bitcoin was traded in Silk rd?
So this is a curious question about Silk Rd and thinking about how much bitcoin flowed through it when it was super cheap? Maybe we will start for those of you that do not know what Silk Rd is and what role it played in the crypto market. What was Silk Rd “It was an online black market for all things seedy on the dark web” It was an online site that you could buy pretty much whatever your wanted including drugs. The online dark marketplace was started back in 2011 and was shut down in 2013 by the FBI. It is reported that the United States government seized more than one billion dollars worth of bitcoins connected to Silk Road which is strange because
In early April 2013, the price per bitcoin dropped from $266 to around $50 and then rose to around $100. Over two weeks starting late June 2013 the price dropped steadily to $70. So if they seized 1Billion dollars worth that’s a fair chunk of the market cap for bitcoin at the time. My next question would be what did the United States government do with the seized Bitcoin assets? And did many criminals just looking to launder money become super wealthy without even knowing it? Imagine some petty drug dealer accepting a few bitcoin for some drugs. He then gets locked up gets five years prison. Next thing you know its 2018 when bitcoin was peaking. Lol