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by naradaellis
4685 days ago
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BTC can be used in electronic black markets - not many currencies can be used for that, and that fact gives BTC huge value to many people.
It is analogous to how USD is the only currency the USG will accept taxes in, which you have mentioned.
Not to say that this black market might become unviable whatever reason down the track, but right now it's a big driver of value. |
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I think it should be noted that if the silk road were to get shut down or disappear, bitcoin's value will completely tank. It's basically the backbone propping bitcoin up. Those people using it for black market purposes will try to unload their coins, which will trigger others to unload their's as well. It will spiral out and the result is the bubble popping.
Unless bitcoin has a much stronger infrastructure than it does today, I highly doubt it would survive something like that. Which if you think about it, says something about bitcoin's fortitude.