Reginal Thomas
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Bitcoin Tanks Over Online Drug Lord Being Arrested


Bitcoins listed on the Bitstamp Ltd. exchange dropped in price as much as 33% after the Silk Road 'Dread Pirate' was arrested by FBI agents. Silk Road was an online black market where anonymous users paid Bitcoin's digital currency to buy drugs such as heroin, LSD, fake I.D.'s, and computer hacking services. Ross William Ulbricht known on the site as 'Dread Pirate' is the alleged master mind behind the site. It is reported the site has made $1.2 billion is sales over the last two years of which Ulbricht as profited around $80 million for himself. 
Bitcoins is a software that's designed to be untraceable, which is why people would use it to buy illegal drugs. The shares haves dropped because investors are worried that the government will shut down the use of Bitcoin, but I personally see plenty of regulation coming down the road when it comes to Bitcoin.