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out on June 5 when Senator Chuck Schumer of New York held a heavily covered news conference, at which he decried the brazen business of Silk Road and called for prosecutors to shut it down. He described Bitcoin as an “online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug.”
Nathaniel Popper • Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money
Rather than scaring people away, Schumer’s commentary—and the deluge of media attention it received—brought on yet another surge of interest, sending the price of Bitcoin on an Icarus-like rise that had it at $30 within two days. That was a 600 percent rise from a month earlier, and a 9,000 percent increase from six months earlier. Silk Road now
... See moreNathaniel Popper • Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money
In terms of the stock‐to‐flow ratio discussed in Chapter 1, the existing stockpiles of Bitcoin in 2017 were around 25 times larger than the new coins produced in 2017. This is still less than half of the ratio for gold, but around the year 2022, Bitcoin's stock‐to‐flow ratio will overtake that of gold, and by 2025, it will be around double that of
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