Cryptocurrency Explained With Pros and Cons for Investment
Cryptocurrencies have attracted a reputation as unstable investments due to high investor losses from scams, hacks, bugs, and volatility.
Dread Pirate Roberts
Cryptocurrencies have become a popular tool with criminals for nefarious activities such as money laundering and illicit purchases. The case of <anchor>Dread Pirate Roberts</anchor>, who ran a marketplace to sell drugs on the dark web, is already well known. Cryptocurrencies have also become a favorite of hackers who use them for ransomware activities.
Who Is Ross Ulbricht?
Who Is Ross Ulbricht?

[Skip to content](#skip-to-content)

[Investopedia Homepage](/)

- [Investing](https://www.investopedia.com/investing-4427685)  - [Stocks](https://www.investopedia.com/stocks-4427785)
  - [Cryptocurrency](https://www.investopedia.com/cryptocurrency-4427699)
  - [Bonds](https://www.investopedia.com/bonds-4689778)
  - [ETFs](https://www.investopedia.com/etfs-4427784)
  - [Options and Derivatives](https://www.investopedia.com/options-and-derivatives-trading-4689663)
  - [Commodities](https://www.investopedia.com/commodities-4427780)
  - [Trading](https://www.investopedia.com/trading-4427765)
  - [Automated Investing](https://www.investopedia.com/financial-technology-and-automated-investing-4689759)
  - [Brokers](https://www.investopedia.com/brokers-4689772)
  - [Fundamental Analysis](https://www.investopedia.com/fundamental-analysis-4689757)
  - [Markets](https://www.investopedia.com/markets/)
  - [View All](https://www.investopedia.com/investing-4427685)
- [Simulator](https://www.investopedia.com/simulator/?inv_to_sim=global_nav)  - [Login / Portfolio](https://www.investopedia.com/simulator/portfolio)
  - [Trade](https://www.investopedia.com/simulator/trade/stocks)
  - [Research](https://www.investopedia.com/simulator/research)
  - [My Games](https://www.investopedia.com/simulator/games/my-games)
  - [Leaderboard](https://www.investopedia.com/simulator/games)
- [Banking](https://www.investopedia.com/banking-4427754)  - [Savings Accounts](https://www.investopedia.com/savings-accounts-4689728)
  - [Certificates of Deposit (CDs)](https://www.investopedia.com/certificate-of-deposits-4689733)
  - [Money Market Accounts](https://www.investopedia.com/money-market-account-4689730)
  - [Checking Accounts](https://www.investopedia.com/checking-accounts-4689732)
  - [View All](https://www.investopedia.com/banking-4427754)
- [Personal Finance](https://www.investopedia.com/personal-finance-4427760)  - [Budgeting and Saving](https://www.investopedia.com/budgeting-and-savings-4427755)
  - [Personal Loans](https://www.investopedia.com/personal-loans-4689729)
  - [Insurance](https://www.investopedia.com/insurance-4427716)
  - [Mortgages](https://www.investopedia.com/mortgage-4689703)
  - [Credit and Debt](https://www.investopedia.com/credit-and-debt-4689724)
  - [Student Loans](https://www.investopedia.com/student-loans-4689727)
  - [Taxes](https://www.investopedia.com/taxes-4427724)
  - [Credit Cards](https://www.investopedia.com/credit-card-4689721)
  - [Financial Literacy](https://www.investopedia.com/financial-literacy-resource-center-7151950)
  - [Retirement](https://www.investopedia.com/retirement-planning-4689695)
  - [View All](https://www.investopedia.com/personal-finance-4427760)
- [Economy](https://www.investopedia.com/economy-4689801)  - [Government and Policy](https://www.investopedia.com/government-and-policy-4689793)
  - [Monetary Policy](https://www.investopedia.com/monetary-policy-4689792)
  - [Fiscal Policy](https://www.investopedia.com/fiscal-policy-4689796)
  - [Economics](https://www.investopedia.com/economics-4689800)
  - [View All](https://www.investopedia.com/economy-4689801)
- [News](https://www.investopedia.com/news-4427706)  - [Markets](https://www.investopedia.com/markets-news-4427704)
  - [Companies](https://www.investopedia.com/company-news-4427705)
  - [Earnings](https://www.investopedia.com/earnings-reports-5218419)
  - [CD Rates](https://www.investopedia.com/certificates-deposit-news-7111770)
  - [Mortgage Rates](https://www.investopedia.com/mortgage-rates-5184598)
  - [Economy](https://www.investopedia.com/economic-news-5218422)
  - [Government](https://www.investopedia.com/political-news-4689737)
  - [Crypto](https://www.investopedia.com/cryptocurrency-news-5114163)
  - [ETFs](https://www.investopedia.com/etf-news-5218416)
  - [Personal Finance](https://www.investopedia.com/personal-finance-news-5114159)
  - [View All](https://www.investopedia.com/news-4427706)
- [Reviews](https://www.investopedia.com/financial-product-reviews-7110783)  - [Best Online Brokers](https://www.investopedia.com/best-online-brokers-4587872)
  - [Best Savings Rates](https://www.investopedia.com/best-high-yield-savings-accounts-4770633)
  - [Best CD Rates](https://www.investopedia.com/best-cd-rates-4770214)
  - [Best Life Insurance](https://www.investopedia.com/best-life-insurance-companies-4845858)
  - [Best Personal Loans](https://www.investopedia.com/best-personal-loans-4773300)
  - [Best Mortgage Rates](https://www.investopedia.com/mortgage-rates-5094943)
  - [Best Money Market Accounts](https://www.investopedia.com/best-money-market-accounts-5096917)
  - [Best Auto Loan Rates](https://www.investopedia.com/best-auto-loan-rates-4846394)
  - [Best Credit Repair Companies](https://www.investopedia.com/best-credit-repair-companies-4843898)
  - [Best Credit Cards](https://www.investopedia.com/best-credit-cards-4801582)
  - [View All](https://www.investopedia.com/financial-product-reviews-7110783)

[Trade](https://www.investopedia.com/simulator/?inv_to_sim=global_nav)

- SearchSearch






Please fill out this field.


SearchSearch

Please fill out this field.

- [Investing](https://www.investopedia.com/investing-4427685)


Investing



- [Stocks](https://www.investopedia.com/stocks-4427785)
- [Cryptocurrency](https://www.investopedia.com/cryptocurrency-4427699)
- [Bonds](https://www.investopedia.com/bonds-4689778)
- [ETFs](https://www.investopedia.com/etfs-4427784)
- [Options and Derivatives](https://www.investopedia.com/options-and-derivatives-trading-4689663)
- [Commodities](https://www.investopedia.com/commodities-4427780)
- [Trading](https://www.investopedia.com/trading-4427765)
- [Automated Investing](https://www.investopedia.com/financial-technology-and-automated-investing-4689759)
- [Brokers](https://www.investopedia.com/brokers-4689772)
- [Fundamental Analysis](https://www.investopedia.com/fundamental-analysis-4689757)
- [Markets](https://www.investopedia.com/markets/)
- [View All](https://www.investopedia.com/investing-4427685)

- [Simulator](https://www.investopedia.com/simulator/?inv_to_sim=global_nav)


Simulator



- [Login / Portfolio](https://www.investopedia.com/simulator/portfolio)
- [Trade](https://www.investopedia.com/simulator/trade/stocks)
- [Research](https://www.investopedia.com/simulator/research)
- [My Games](https://www.investopedia.com/simulator/games/my-games)
- [Leaderboard](https://www.investopedia.com/simulator/games)

- [Banking](https://www.investopedia.com/banking-4427754)


Banking



- [Savings Accounts](https://www.investopedia.com/savings-accounts-4689728)
- [Certificates of Deposit (CDs)](https://www.investopedia.com/certificate-of-deposits-4689733)
- [Money Market Accounts](https://www.investopedia.com/money-market-account-4689730)
- [Checking Accounts](https://www.investopedia.com/checking-accounts-4689732)
- [View All](https://www.investopedia.com/banking-4427754)

- [Personal Finance](https://www.investopedia.com/personal-finance-4427760)


Personal Finance



- [Budgeting and Saving](https://www.investopedia.com/budgeting-and-savings-4427755)
- [Personal Loans](https://www.investopedia.com/personal-loans-4689729)
- [Insurance](https://www.investopedia.com/insurance-4427716)
- [Mortgages](https://www.investopedia.com/mortgage-4689703)
- [Credit and Debt](https://www.investopedia.com/credit-and-debt-4689724)
- [Student Loans](https://www.investopedia.com/student-loans-4689727)
- [Taxes](https://www.investopedia.com/taxes-4427724)
- [Credit Cards](https://www.investopedia.com/credit-card-4689721)
- [Financial Literacy](https://www.investopedia.com/financial-literacy-resource-center-7151950)
- [Retirement](https://www.investopedia.com/retirement-planning-4689695)
- [View All](https://www.investopedia.com/personal-finance-4427760)

- [Economy](https://www.investopedia.com/economy-4689801)


Economy



- [Government and Policy](https://www.investopedia.com/government-and-policy-4689793)
- [Monetary Policy](https://www.investopedia.com/monetary-policy-4689792)
- [Fiscal Policy](https://www.investopedia.com/fiscal-policy-4689796)
- [Economics](https://www.investopedia.com/economics-4689800)
- [View All](https://www.investopedia.com/economy-4689801)

- [News](https://www.investopedia.com/news-4427706)


News



- [Markets](https://www.investopedia.com/markets-news-4427704)
- [Companies](https://www.investopedia.com/company-news-4427705)
- [Earnings](https://www.investopedia.com/earnings-reports-5218419)
- [CD Rates](https://www.investopedia.com/certificates-deposit-news-7111770)
- [Mortgage Rates](https://www.investopedia.com/mortgage-rates-5184598)
- [Economy](https://www.investopedia.com/economic-news-5218422)
- [Government](https://www.investopedia.com/political-news-4689737)
- [Crypto](https://www.investopedia.com/cryptocurrency-news-5114163)
- [ETFs](https://www.investopedia.com/etf-news-5218416)
- [Personal Finance](https://www.investopedia.com/personal-finance-news-5114159)
- [View All](https://www.investopedia.com/news-4427706)

- [Reviews](https://www.investopedia.com/financial-product-reviews-7110783)


Reviews



- [Best Online Brokers](https://www.investopedia.com/best-online-brokers-4587872)
- [Best Savings Rates](https://www.investopedia.com/best-high-yield-savings-accounts-4770633)
- [Best CD Rates](https://www.investopedia.com/best-cd-rates-4770214)
- [Best Life Insurance](https://www.investopedia.com/best-life-insurance-companies-4845858)
- [Best Personal Loans](https://www.investopedia.com/best-personal-loans-4773300)
- [Best Mortgage Rates](https://www.investopedia.com/mortgage-rates-5094943)
- [Best Money Market Accounts](https://www.investopedia.com/best-money-market-accounts-5096917)
- [Best Auto Loan Rates](https://www.investopedia.com/best-auto-loan-rates-4846394)
- [Best Credit Repair Companies](https://www.investopedia.com/best-credit-repair-companies-4843898)
- [Best Credit Cards](https://www.investopedia.com/best-credit-cards-4801582)
- [View All](https://www.investopedia.com/financial-product-reviews-7110783)

- [Financial Terms](https://www.investopedia.com/financial-term-dictionary-4769738)
- [Newsletter](https://www.investopedia.com/investopedia-newsletter-opt-in-7095821)
- [About Us](https://www.investopedia.com/about-us-5093223)

Follow Us

- [Visit Investopedia's Facebook](https://www.facebook.com/Investopedia/)
- [Visit Investopedia's Instagram](https://www.instagram.com/investopedia/?hl=en)
- [Visit Investopedia's LinkedIn](https://www.linkedin.com/company/investopedia-ulc)
- [Visit Investopedia's TikTok](https://www.tiktok.com/@investopedia)
- [Visit Investopedia's X](https://twitter.com/investopedia)
- [Visit Investopedia's YouTube](https://www.youtube.com/c/investopedia)

Table of Contents

Expand

Table of Contents

- [Silk Road](#toc-silk-road)

- [Found Guilty](#toc-found-guilty)

- [Appeals](#toc-appeals)

- [FAQs](#toc-how-long-is-ross-ulbrichts-prison-sentence)

- [The Bottom Line](#toc-the-bottom-line)


- [Cryptocurrency](https://www.investopedia.com/cryptocurrency-4427699)

# Who Is Ross Ulbricht?

Ross Ulbricht is the imprisoned founder of Silk Road, the darknet marketplace

By

[Nathan Reiff](https://www.investopedia.com/contributors/54684/)

[Full Bio](https://www.investopedia.com/contributors/54684/)

Nathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016.

Learn about our [editorial policies](/legal-4768893#editorial-policy)

Updated May 23, 2024

Reviewed by

[Erika Rasure](https://www.investopedia.com/erika-rasure-4800388)

Reviewed byErika Rasure

[Full Bio](https://www.investopedia.com/erika-rasure-4800388)

Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.

Learn about our [Financial Review Board](/investopedia-financial-review-board-5076269)

Close

Ross Ulbricht is a former [darknet](https://www.investopedia.com/terms/d/darknet-market-cryptomarket.asp) market operator most famous for creating and running the [Silk Road market](https://www.investopedia.com/terms/s/silk-road.asp). He was arrested in 2013, and two years later a Manhattan federal jury found him guilty on seven charges including conspiracy to launder money, conspiracy to commit computer hacking, conspiracy to traffic narcotics through the internet, and continuing a criminal enterprise, the kingpin charge. Ulbricht used the pseudonym "Dread Pirate Roberts" and was sentenced to life in federal prison in 2015.

### Key Takeaways

- Ross Ulbricht, the "Dread Pirate Roberts" of the internet, founded and operated the darknet marketplace Silk Road from 2011 until 2013.
- The site was a marketplace for drugs paid for with cryptocurrency.
- Ulbricht was indicted on seven charges including conspiracy to launder money, conspiracy to commit computer hacking, conspiracy to traffic narcotics by the means of the internet, and continuing a criminal enterprise.
- In 2015, Ulbricht was sentenced to life in prison.

Investopedia / Ellen Lindner

## Silk Road

Ulbricht grew up near Austin, Texas, studying physics at the University of Texas at Dallas and then enrolled at Pennsylvania State University to pursue a master's program in materials science.Ulbricht founded Silk Road in 2011, calling himself "Dread Pirate Roberts" online.

He envisioned the site as a "means to abolish the use of coercion and aggression amongst mankind," according to his LinkedIn page. Ulbricht was "creating an economic simulation to give people a first-hand experience of what it would be like to live in a world without the systemic use of force." By adopting encryption and [cryptocurrency](https://www.investopedia.com/terms/c/cryptocurrency.asp), the marketplace provided anonymity and security for its participants, using [Tor encryption](https://www.investopedia.com/terms/t/tor.asp) and [Bitcoin](https://www.investopedia.com/terms/b/bitcoin.asp).

"Silk Road" became popular over a short period. When numerous media outlets picked up stories on the market in mid-2011, interest grew, and traffic increased exponentially. Silk Road remained a shrouded marketplace where legal and highly unlawful activity occurred through 2013. The site was used by over 100,000 users who bought and sold $200 million worth of illegal goods and services.

Ulbricht, a first-time offender, did not sell illegal drugs and other items but created and operated a site where others did.

## Found Guilty

The FBI investigated site users, eventually identifying Ulbricht as the founder and owner of Silk Road. Ulbricht was arrested and the FBI seized his laptop on October 1, 2013. The Silk Road website generated over $13 million worth of Bitcoin in commissions. The FBI seized 144,336 bitcoins from a shared digital wallet on Ulbricht's laptop. They were sold in a series of auctions generating proceeds worth $48.2 million.

Ross Ulbricht was convicted on all seven counts in February 2015. The trial was a highly publicized and charged event, with the presiding judge reportedly receiving death threats from presumed Silk Road supporters, although that was never proven.

Before his sentencing, Ulbricht stated, in a letter provided to the judge, that his actions were linked to his libertarian ideals and that "Silk Road was supposed to be about giving people the freedom to make their own choices." On May 29, 2015, Ulbricht was sentenced to two life imprisonment terms plus 40 years to be served concurrently.

On Sept. 23, 2013, the Silk Road home page advertised 13,000 listings for controlled substances, listed under such categories as “Cannabis,” “Dissociatives,” “Ecstasy,” “Intoxicants,” “Opioids,” “Precursors,” “Prescription,” “Psychedelics,” and “Stimulants."

## Appeals

Ulbricht attempted to appeal, and in May 2017, the United States Court of Appeals for the Second Circuit denied his attempt. Also in 2017, Ulbricht appealed to the Supreme Court, with attorneys arguing that his case involves unresolved constitutional questions regarding the Fourth Amendment and the digital age. In June 2018, the court declined to hear Ross’s case.

In late 2020, national media reported that former President Donald Trump was considering commuting Mr. Ulbricht's sentence, but ultimately he did not.Since Ulbricht's incarceration, more than 570,000 have signed an [online petition](https://www.change.org/p/clemency-for-ross-ulbricht-condemned-to-die-in-prison-for-a-website) created by Lyn Ulbricht, Ross' mother, to commute his double life sentence.

## How Long Is Ross Ulbricht's Prison Sentence?

On May 29, 2015, Ulbricht was sentenced to two life imprisonment terms, plus 40 years, to be served concurrently without the possibility of parole.

## Was Ross Ulbricht Involved in Creating Bitcoin?

While darknet sites were early adopters of Bitcoin, Ross Ulbricht did not develop any cryptocurrency.

## Does Silk Road Marketplace Still Exist?

The FBI shut down Silk Road shortly after Ross Ulbricht's arrest, seizing 144,336 bitcoins.

## The Bottom Line

Ross Ulbricht is infamous for creating and running the Silk Road market and a federal jury found him guilty on seven charges, including conspiracy to traffic narcotics. He was sentenced to spend the rest of his life in prison.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
[editorial policy.](https://www.investopedia.com/legal-4768893#EditorialPolicy)

01. Federal Bureau of Investigations. " [Ross William Ulbricht's Laptop](https://www.fbi.gov/history/artifacts/ross-william-ulbrichts-laptop#:~:text=Ross%20William%20Ulbricht.-,Known%20online%20as%20Dread%20Pirate%20Roberts%2C%20Ulbricht%20ran%20a%20darknet,to%20conceal%20its%20users'%20locations.)."

02. United States Attorney's Office, Southern District of New York. " [Ross Ulbricht, A/K/A “Dread Pirate Roberts,” Sentenced In Manhattan Federal Court To Life In Prison](https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison)."

03. United Nations Office on Drugs and Crime (UNDC). " [Case Law Database: United States of America v. Ross William Ulbricht, No. 15-1815-cr (2d Cir. May 31, 2017)](https://sherloc.unodc.org/cld/en/case-law-doc/cybercrimecrimetype/usa/2017/united_states_of_america_v._ross_william_ulbricht_no._15-1815-cr_2d_cir._may_31_2017.html)."

04. LinkedIn. " [Ross Ulbricht](https://www.linkedin.com/in/rossulbricht/)."

05. Federal Reserve Bank of Cleveland. " [Bitcoin’s Decentralized Decision Structure](https://www.clevelandfed.org/publications/economic-commentary/2019/ec-201912-bitcoin-decentralized-network)."

06. Australian Government. " [Defending Against the Malicious Use of the Tor Network](https://www.cyber.gov.au/resources-business-and-government/maintaining-devices-and-systems/system-hardening-and-administration/network-hardening/defending-against-malicious-use-tor-network)."

07. United States Attorney's Office, Southern District of New York. " [Ross Ulbricht, A/K/A “Dread Pirate Roberts,” Sentenced In Manhattan Federal Court To Life In Prison](https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison)."

08. Federal Bureau of Investigation. " [Ross William Ulbricht's Laptop](https://www.fbi.gov/history/artifacts/ross-william-ulbrichts-laptop)."

09. United States Attorney's Office, Southern District of New York. " [Acting Manhattan U.S. Attorney Announces Forfeiture Of $48 Million From Sale Of Silk Road Bitcoins](https://www.justice.gov/usao-sdny/pr/acting-manhattan-us-attorney-announces-forfeiture-48-million-sale-silk-road-bitcoins)."

10. Supreme Court of the United States. " [Ross William Ulbricht vs. United States of America](https://www.supremecourt.gov/DocketPDF/17/17-950/24860/20171222095855755_Ulbricht%20cert%20petition.pdf)."

11. Coindesk. " [Silk Road's Ulbricht Being Considered for Pardon by Trump: Report](https://www.coindesk.com/markets/2020/12/16/silk-roads-ulbricht-being-considered-for-pardon-by-trump-report/)."

12. Change. " [Clemency for Ross Ulbricht, Serving Double Life for a Website](https://www.change.org/p/clemency-for-ross-ulbricht-condemned-to-die-in-prison-for-a-website)."


Take the Next Step to Invest

Advertiser Disclosure

×

The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.

Related Articles

[Kraken vs. Coinbase](https://www.investopedia.com/kraken-vs-coinbase-5120700) [How Much Are Cryptocurrency Exchange Fees?](https://www.investopedia.com/tech/how-much-does-it-cost-buy-cryptocurrency-exchanges/) [Best Crypto Exchanges and Apps for September 2024](https://www.investopedia.com/best-crypto-exchanges-5071855) [Scams, Fees, and Lost Passwords: Avoid the 10 Biggest Mistakes of New Crypto Investors](https://www.investopedia.com/biggest-mistakes-crypto-investors-make-8712112) [How to Buy XRP (XRP)](https://www.investopedia.com/tech/ripple-xrp-cryptocurrency-how-to-buy/) [The Collapse of FTX: What Went Wrong With the Crypto Exchange?](https://www.investopedia.com/what-went-wrong-with-ftx-6828447)

Partner Links

Related Terms

[What Is Bitcoin Mining? How to Get Started](https://www.investopedia.com/terms/b/bitcoin-mining.asp)

Breaking down everything you need to know about Bitcoin mining, from blockchain and block rewards to proof of work and mining pools.

[more](https://www.investopedia.com/terms/b/bitcoin-mining.asp)

[What Is Bitcoin? How To Buy, Mine, and Use It](https://www.investopedia.com/terms/b/bitcoin.asp)

BTC meaning: a digital currency that uses peer-to-peer technology to facilitate instant financial transactions and removes the need for third-party involvement.

[more](https://www.investopedia.com/terms/b/bitcoin.asp)

[Satoshi in Bitcoin: What It Is and How Much It Is Worth](https://www.investopedia.com/terms/s/satoshi.asp)

The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of Bitcoin.

[more](https://www.investopedia.com/terms/s/satoshi.asp)

[What Is Shiba Inu (SHIB) in Cryptocurrency, and How Does It Work?](https://www.investopedia.com/shiba-inu-shib-5207903)

Shiba Inu is an Ethereum-based altcoin that features the Shiba Inu hunting dog as its mascot and is considered an alternative to Dogecoin by its community.

[more](https://www.investopedia.com/shiba-inu-shib-5207903)

[Ledger Wallet: Examples of How Crypto Wallets Work](https://www.investopedia.com/terms/l/ledger-wallet.asp)

Ledger wallets are hardware devices that enable offline cryptocurrency transactions.

[more](https://www.investopedia.com/terms/l/ledger-wallet.asp)

[Meme Coins: What They Are, Examples, Pros and Cons](https://www.investopedia.com/meme-coin-6750312)

Meme coins are a type of cryptocurrency designed with no function other than to be a token and humorous. There are many meme coins circulating, and some have become valuable.

[more](https://www.investopedia.com/meme-coin-6750312)

[Investopedia Homepage](/)

- [Visit Investopedia's Facebook](https://www.facebook.com/Investopedia/)
- [Visit Investopedia's X](https://twitter.com/investopedia)
- [Visit Investopedia's Instagram](https://www.instagram.com/investopedia/?hl=en)
- [Visit Investopedia's LinkedIn](https://www.linkedin.com/company/investopedia-ulc)
- [Visit Investopedia's Newsletter](/investopedia-newsletter-opt-in-7095821)

[Access TRUSTe's Enterprise Privacy Certification program](//privacy.truste.com/privacy-seal/validation?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b)

- [About Us](/about-us-5093223)
- [Terms of Service](https://www.dotdashmeredith.com/brands-termsofservice)
- [Dictionary](/financial-term-dictionary-4769738)
- [Editorial Policy](/legal-4768893#editorial-policy)
- [Advertise](https://www.dotdashmeredith.com/)
- [News](/news-4427706)
- [Privacy Policy](https://www.dotdashmeredith.com/brands-privacy)
- [Contact Us](https://invcontent.zendesk.com/hc/en-us/requests/new)
- [Careers](https://www.dotdashmeredith.com/careers)
- Your Privacy Choices

- [#](https://www.investopedia.com/terms-beginning-with-num-4769350)
- [A](https://www.investopedia.com/terms-beginning-with-a-4769351)
- [B](https://www.investopedia.com/terms-beginning-with-b-4769352)
- [C](https://www.investopedia.com/terms-beginning-with-c-4769353)
- [D](https://www.investopedia.com/terms-beginning-with-d-4769354)
- [E](https://www.investopedia.com/terms-beginning-with-e-4769355)
- [F](https://www.investopedia.com/terms-beginning-with-f-4769356)
- [G](https://www.investopedia.com/terms-beginning-with-g-4769357)
- [H](https://www.investopedia.com/terms-beginning-with-h-4769358)
- [I](https://www.investopedia.com/terms-beginning-with-i-4769359)
- [J](https://www.investopedia.com/terms-beginning-with-j-4769360)
- [K](https://www.investopedia.com/terms-beginning-with-k-4769361)
- [L](https://www.investopedia.com/terms-beginning-with-l-4769362)
- [M](https://www.investopedia.com/terms-beginning-with-m-4769363)
- [N](https://www.investopedia.com/terms-beginning-with-n-4769364)
- [O](https://www.investopedia.com/terms-beginning-with-o-4769365)
- [P](https://www.investopedia.com/terms-beginning-with-p-4769366)
- [Q](https://www.investopedia.com/terms-beginning-with-q-4769367)
- [R](https://www.investopedia.com/terms-beginning-with-r-4769368)
- [S](https://www.investopedia.com/terms-beginning-with-s-4769369)
- [T](https://www.investopedia.com/terms-beginning-with-t-4769370)
- [U](https://www.investopedia.com/terms-beginning-with-u-4769371)
- [V](https://www.investopedia.com/terms-beginning-with-v-4769372)
- [W](https://www.investopedia.com/terms-beginning-with-w-4769373)
- [X](https://www.investopedia.com/terms-beginning-with-x-4769374)
- [Y](https://www.investopedia.com/terms-beginning-with-y-4769375)
- [Z](https://www.investopedia.com/terms-beginning-with-z-4769376)

Investopedia
is part of the [Dotdash Meredith](https://www.dotdashmeredith.com) publishing family.

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Cookies SettingsAccept All Cookies