With Bitcoin's association in the public's mind with drugs and crime, most analysts predicted the closing of the website would destroy Bitcoin's utility. The price on that day dropped from around the $120 range to the $100 range, but it rebounded quickly and began a very fast rise, reaching $1,200 per bitcoin within a few months. At the time of writing, the price had never again dropped to the level it was at before the closing of the Silk Road website. By surviving the closing of the Silk Road unscathed, Bitcoin demonstrated that it is far more than a currency for crime, and in the process it
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