Does Ross Ulbricht’s pardon change the narrative of Bitcoin as a crime tool?
2025-01-22
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The pardon of Silk Road founder Ross Ulbricht by US President Donald Trump marks a historic event for crypto, but its impact on the public image of Bitcoin is a mixed bag.
On Jan. 21, Trump followed through on his campaign promise to release Ulbricht from prison after 12 years of incarceration. Ulbricht was arrested in 2013 and sentenced to life in prison without parole for his role in the darknet marketplace Silk Road.
Ulbricht’s release was advocated for and highly anticipated by many in the crypto industry, marking a sign that Trump seemingly intends to keep his promises to the crypto community as the new US president.
While Bitcoin (BTC) has evolved way beyond Silk Road since Ulbricht’s arrest, the controversial marketplace has historical significance as a major use case for adoption.
Ross is a symbol of freedom for many
Ulbricht emerged as a symbol of freedom for many for building a marketplace atop the Tor network and introducing many people to anonymous networking for the first time, Nym Technologies CEO Harry Halpin told Cointelegraph.
“Over the years, Ross has worked his way into our hearts, becoming more than just a member of the community and more like a close relative whose presence was sorely missing,” Quantum Economics founder Mati Greenspan said, adding:
An unfair lifetime sentence
Many in the community are confident that Ulbricht’s life sentence wasn’t fair compared to any actual harm from his deeds.
“His sentencing was so unfair given the crime that it was quite apparent he was being punished less for the harm he caused society and more because he was an early crypto builder, and they wanted to make an example out of him,” Greenspan said.
“Ross Ulbricht is finally free after many years of imprisonment, a result many believe stemmed from an unfair trial,” Lucien Bourdon, Bitcoin analyst at Trezor, said.
Is Ulbricht’s pardon significant for Bitcoin?
According to Bourdon, Ulbricht’s pardon is a significant event for the Bitcoin community for a number of reasons, including its potential to transform common negative narratives around the digital asset.
“Ulbricht’s case is often seen as emblematic of perceived state overreach,” Bourdon said, adding:
On the other hand, some analysts have questioned whether the pardon will actually impact how the world sees Bitcoin.
“I don’t think that his pardon will have any significant impact on how Bitcoin is viewed by the general public, but it is a great indication that Trump is keeping his promises about crypto,” Greenspan said.
Ulbricht’s release, therefore, extends the probability that the US will enact crypto-friendly legislation and create a strategic Bitcoin reserve, he added.
The community awaits more action from Trump
“I was initially skeptical that Trump would pardon Ross, but I was pleasantly surprised when he proved to be a man of his word,” Nym’s Halpin said.
“The question now is whether Trump will pardon Edward Snowden next, who used anonymous networks to expose the NSA,” he said, adding that there are many other cases involving unfair treatment of industry builders, including developers like Tornado Cash’s Roman Storm.
Halpin stated:
Ulbricht’s pardon came on the same day a US court overturned sanctions against the Tornado Cash cryptocurrency mixing protocol, marking another sign of a potential shift to privacy and innovation-friendly regulations in the US.