- August 20, 2021
- |Banking, Bitcoin, Crypto News, Government
If governments around the world don’t get wise to the relevancy of Bitcoin, they might find themselves in the same situation as Sweden. One convicted drug dealer is now rich because of Sweden’s lack of foresight.
Tove Kullberg, the prosecutor of the case, argued very effectively that the drug dealer had illegally earned 36 Bitcoin selling drugs online. That was two years ago and at the time, the Bitcoin was worth 1.3 million Swedish kronor or $100,000 in U.S. dollars.
The dealer was convicted and imprisoned. He has served his time and he’s now out. This is where the story gets good. The Swedish Enforcement Authority auctioned off the Bitcoin at $100,000, which by now would have only required 3 BTC to satisfy the court.
According to the law, the drug dealer is now owed 33 Bitcoin and that in U.S. dollars is a whopping $1.5 million. The twist here is that if Kullberg had argued in Bitcoin, the drug dealer would be owed nothing at this time. Whoever bought the coins at that time would be the happy camper. But she argued in Swedish kronor, a technical distinction that Kullberg now realizes was a huge mistake.
Because of her lack of understanding that Bitcoin is here to stay and that it was going to consistently rise in value, she has made a convicted drug dealer very happy. Imagine walking out of prison thinking the government has seized all your property only to learn that they owe you a million and a half. He literally earned money sitting in prison while everyone else was still scratching their heads about what Bitcoin even is.
Governments should take some time to train everyone in digital currency. These kinds of mistakes can be avoided the sooner everyone realizes Bitcoin is now and it has solidified itself far into the future.
For one fortunate criminal, that’s a reality that has him smiling all the way to the Bitcoin ATM.
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