Bitcoin value falls 15% after FBI seizes The Silk Road
Recently the FBI shut down and seized assets from The Silk Road, and not surprisingly the Bitcoin value dropped over 15% afterward.
The Silk Road was a marketplace for illegal drugs and other illegal items and activity that were mostly traded with Bitcoins these days.
A large value of Bitcoin was because of The Silk Road, which was made more obvious than ever after the value dropped so heavily.
The problem with Bitcoins right now is that they just don’t have the ability to be used as easily as cash, in fact, nowhere near it. Bitcoins are rarely allowed to be used as forms of payments, it’s more of a gold type investment where you are banking on the fact that the value may go up. They don’t have real world usage other than that. What’s a bunch of numbers and digits to a farmer or someone that doesn’t have a physical use for a Bitcoin. It’s bought and sold purely on speculative value, and hopes that people will continue to want it. It’s kind of like gold but has less of a real world use.
The question is, will values continue to drop? Is it time to sell?