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Bitcoin Rich

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The Bitcoin frenzy has captured the imaginations of the get rich quick crowd—those who expect the markets to do something for them. Most of the rich I work with have made their money slowly, over a long period of time. And that is the reason why they tend to hold onto it. Over the weekend a prominent bitcoin advocate was arrested. The WSJ reports here:

Prominent bitcoin advocate Charlie Shrem was arrested and charged in connection with a money-laundering conspiracy that allegedly funneled more than $1 million of the digital currency to users of the online black-market site Silk Road.

Mr. Shrem, 24 years old, was arrested Sunday at John F. Kennedy International Airport in New York after returning from a bitcoin conference in Amsterdam. Another man, Robert Faiella, also was arrested in what the Manhattan U.S. attorney’s office said on Monday was a conspiracy to help Silk Road customers anonymously purchase everything from narcotics to forged passports.

The arrests come as prosecutors have escalated their scrutiny of bitcoin, a once esoteric experiment that has exploded in value and notoriety. While the currency has attracted a wave of interest from investors, including Cameron and Tyler Winklevoss of Facebook Inc. fame, it also has been trying to shake off a reputation that the virtual currency is used for illegal activities.

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E.J. Smith

Editor-in-Chief
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com.