Federal prosecutors in Manhattan have to figure out what to do with $27 million worth of Bitcoin confiscated after the closure of an anonymous black market site authorities say was used to exchange drugs and computer hacking services. And the value of the haul could grow.
The crash of 2008 infused our societies with enormous skepticism of government and central bank authority. Naturally, many dream of a currency that politicians and bankers cannot manipulate. Bitcoin has emerged as the great white hope of something of the sort. Alas, that hope is false.