Under House Arrest, This "Bitcoin Millionaire" Is Basically Drinking and Watching Netflix

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Feb. 28 2014 11:58 AM

Under House Arrest, This "Bitcoin Millionaire" Is Basically Drinking and Watching Netflix

Bitcoins accepted here
Bitcoins, booze, and Netflix. Yum.

Photo by Philippe Lopez/AFP/Getty Images

This post originally appeared on Business Insider.

Charlie Shrem, the 24-year-old CEO of BitInstant who was charged with money laundering criminals' bitcoins on Silk Road recently, described what he's doing now that he's under house arrest and cannot leave home without a judge's permission: Drinking and watching Netflix are two of his activities, he tells CoinDesk.

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Shrem cannot leave his parents' house in New York without court permission 48 hours ahead of time: “I can’t go anywhere. It sucks,” he says.

"My friends are here a lot and I’m getting a lot of free stuff. People are sending me a lot of alcohol gifts, which is good. I’m trying to make the best of it – I’m learning some new languages, I’m working out a lot every day and watching Netflix – a lot. Just trying to keeping my spirits up,"
"I’m just trying to encourage entrepreneurship and innovation in the space. My brain is here for the picking and a lot of people are calling me to see what I think about their business and I’m brutally honest with them,” Shrem explained, adding:
“Just bring me a six-pack and I’m yours for an hour.”

Shrem also makes the case that BitInstant—which enables people to transfer money to bitcoin exchange accounts—was actually several steps removed from Silk Road, the anonymous website where criminals traded bitcoins for drugs.

Jim Edwards is a deputy editor at Business Insider. Follow him on Twitter.

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