Leaving Bitcoin on the Table

Maybe it’s just sour grapes.

Attorney General Jeff Sessions told the Senate Judiciary Committee last week that he was very concerned that criminals can use untraceable financial instruments such as bitcoin. He also boasted that his department had shut down two illegal marketplaces on the so-called Dark Web that used the cryptocurrency.

What he failed to mention is that his department may be good at seizing Bitcoin but it isn’t very good at trading it. A September 29 release by the U.S. Attorney’s Office for the Southern District of New York announced the forfeiture from the sale of $ 48 million of bitcoins from Silk Road. Read the release, though, and one can see that these proceeds came from 144,336 bitcoins, which at Friday’s record price of $ 6,000 each, would have been worth more than $ 860 million.

MoneyBeat » Bitcoin

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