Silk Road Founder Ross Ulbricht Predicts Bitcoin Will Hit $100,000

  • Silk Road founder Ross Ulbricht published his analysis on bitcoin's price.
  • Ulbricht uses Elliott Wave Theory to predict BTC reaching $100,000 in 2020.

Ross Ulbricht, founder of the infamous and now-defunct dark web marketplace Silk Road, published an analysis and prediction for bitcoin’s price. 

Ulbricht, who is serving double life imprisonment without the possibility of parole for his role in operating Silk Road, published a series of Medium posts on Dec. 10 outlining bitcoin’s price movement.  According to the posts, Ulbricht has bitcoin charts sent to the prison weekly in order to provide analysis on BTC,

They take a few days to get to me and a few days to get back and put up online, so everything you see is at least a week out of date. This is fine though because we will only be looking at large movements in the market on the scale of months, years and even decades.

Ulbricht goes on to apply Elliot Wave Theory to bitcoin’s price chart, walking readers through each step of his analysis. Ultimately, he concludes that BTC’s next significant rally will take the price to $100,000,

Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020.

Ulbricht reminds traders that there is no rule that the market will move to be proportional with his analysis and that the pattern “may or may not continue.”

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Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

Featured Image Credit: Photo via Pixabay.com