You’ve probably seen Bitcoin in the news a lot the past couple weeks. Here’s 3 headlines you might’ve seen, and a summary of the newest currency as it relates to cyber security. Check it out!
Feds to Sell Seized Bitcoin
The Government is looking to offload a bunch of Bitcoin that was seized in a drug bust earlier this year. If you remember, it was the Aaron Shamo bust where he sold fentanyl on the dark web. At the time, the cryptocurrency assets were worth about $500,000. Now, they are worth more than $10 million. By the time you read this, they might be worth $14 million.
A Federal judge from Utah granted the request to sell the seized funds. Why? Because the federal government is worried that the value of Bitcoin is going to drop, and they are going to lose a lot of money. This is the first time that a seized cryptocurrency will be sold off in the state of Utah. in 2014, U.S. Marshalls did auction off 30,000 BTC/XBT, but they did not profit nearly as much as they will upon completion of this sale.
Woman Hires Hitman with Bitcoin
It’s getting easier and easier to purchase Bitcoin, and more people than ever are purchasing them. Many do it for investment, but some take it as payment for hired hits on boyfriends. A 58-year-old Italian ordered the killing of her boyfriend and paid the hitman 4.1 Bitcoin to do so.
All this happened in March when the cryptocurrency payment was worth about $4,000. It’s not yet known how the woman was apprehended, but the hit was never carried out. The grateful boyfriend lives, and the woman is set to serve a 6-year sentence in Denmark, where she was living.
The Bitcoin Bubble is Set to Burst
Just like the U.S. has some Bitcoin to sell off, so does Bulgaria. Actually, it has about 200,000 BTC, which is worth more than $3 billion USD. That’s billion with a B. It’s also equivalent to almost 20% of Bulgaria’s national debt. For them, and anyone, that’s a lot of money.
Here’s the problem: if they sell, it could cause the market to fall, A LOT. They hold 400x the amount the U.S. government does. Currently, 1 Bitcoin valuates at almost $18,000. Just like the “dot-com’ bubble, this surge of investment is theorized to have an end, and it’s supposed to come soon. Does this mean you should sell now? That is up to you.
Bitcoin and Cyber Security
So what’s the point? Why talk about money on a cyber security blog? Well, They are a lot more closely related than you might think. Bitcoin and other cryptocurrencies are unique in that they don’t require a third party to guarantee trust. Blockchain, which is the technology used to “mine” cryptocurrencies, is trustless. This means anyone can be anonymous, but also secure. This tech could potentially crossover to many other security applications. Check out this article for more info.
Bitcoin isn’t the only investment that’s growing right now. More corporations every day are set to invest in cyber security, and everyone is hiring and willing to pay big bucks for experts. Is that you? If it is, you’re looking a lucrative career ahead of you, and one that will always be worth something, even if Bitcoin is not.