Charlie Shrem, a veteran crypto expert who made his fortunes from the blockchain, has made his mark in the realm by co-founding Bitcoin Foundation and BitInstant. He also hosts a podcast show called The Charlie Sherm Show. Despite facing various challenges like spending time in jail, he is being hailed as one of the strong Bitcoin advocates.
This article will delve into the life and work of Charlie Shrem. We will cover his details, his blockchain career, controversies, and the current phase of his life as a crypto advocate and investor. Let’s start.
Personal Details: Early Life & Education
Born on November 25th, 1989, Charlie Shrem was raised in a Syrian Jewish family from Brooklyn, New York. He completed his schooling at a Modern Orthodox private Jewish day school called Yeshivah of Flatbush (YOF) and joined Brooklyn College in 2009 for graduation.
Early Career Details Of Charlie Shrem
Shrem’s skills as a child prodigy were visible from high school. He started a small company that repaired printers and computers. After joining Brooklyn for a Bachelor of Science in Economics and Finance, he built a start-up that sold refurbished goods online. In 2012, the company was acquired by Shopify giant BlueSwitch.
Charlie Shrem’s Connection With Bitcoin
During his graduation, Shrem became captivated by how Bitcoin worked. He delved into it thoroughly and put his savings into the cryptocurrency. Unfortunately, he lost everything when the exchange service he relied on went down.
This setback opened his eyes to the possibilities of blockchain technology in building safer and more dependable financial systems. The experience had a profound impact on him, leading him to establish his own Bitcoin service.
The Rise: Creation Of BitInstant
In 2011, Shrem and his online friend Gwen Nelson created a user-friendly Bitcoin buy-and-sell platform called BitInstant. They provided temporary credit cards to speed up transactions and gave users access to over 700,000 locations. Shrem’s mother contributed the initial $10,000.
BitInstant later received investments via various funding rounds, mainly from Roger Ver ($125,000) and Winklevoss Capital Management ($1.5 million). It rose into a prominent platform around 2013, managing 30% of all the BTC transactions.
The Fall: Lawsuits, Arrest, & Silk Road Connections
Beyond its normal usage, Bitcoin in its early days was used by drug dealers to sell drugs online. Silk Road, the renowned illegal darknet marketplace launched in 2011, used Bitcoin for its payments. In 2013, the Federal Bureau of Investigation (FBI) shut down the platform and they found that funds from BitInstant were transferred to the platform.
They accused Charlie Shrem of laundering $1 million worth of Bitcoins to help users of the Silk Road. This case highlighted the vulnerabilities and misuse of blockchain technology in facilitating anonymous transactions.
In January 2014, Shrem was arrested at JFK airport and pleaded guilty to aiding illegal money transmission. He was sentenced to two years in prison and was released in 2016. During his jail time, various pro-crypto advocates voiced in favor of him but all the efforts were futile.
The Revival: Charlie Shrem Show
Charlie Shrem’s convictions became strong after his release and he co-founded a new venture called Intellisys Capital with Jason Granger in 2016. Next year, he got involved in various blockchain projects such as Dash and Jaxx. He slowly transformed into a pro-crypto public speaker and a KOL (Key Opinion Leader) in the following years.
Final Thoughts
Charlie Shrem foresees an epic bull run soon, the last fluctuation transforming crypto into a mature and stable market. As a long-term investor and one of the first crypto millionaires, his prediction should not be ignored.
You can follow Charlie on his X (CharlieShrem), and YouTube (Charlie Shrem Show) to stay updated with his perspectives and predictions. He has also appeared in various renowned documentaries and books such as The Rise and Rise of Bitcoin, a documentary directed by Nicholas Mross, and the 2017 book How Money Got Free by Brian Patrick Eha.
