Darknet Drug Demand Surges Leading To Bitcoin Price Rise

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2014

Not a fact unknown to people, the demand for the drugs on the darknet has surprisingly increased by 27% while at the same time, the daily volume of Bitcoin used as the method of payment has doubled. As per a survey on Darknet Drug Demand around 60,000 drug users across 35 countries, the percentage of the respondents involved in darknet drugs purchase for the first time in 2018 was 27.1%. On the context, the 2019 Global Drug Survey has revealed that the usage has increased year by year since the last couple of years that doubles in Australia between 2014 and 2018 rising to 14.9% from 7.6%. England saw a rise in the darknet drug demand that has simultaneously risen to 28.6% from 12.4%. Finland is topping the list with 45.2% pushing down US to 11.9%.

The most popular drugs that were procured from the darknet markets included LSD, MDMA, Cannabis, Amphetamines, synthetics (NPS) and the prescription pharmaceuticals. Over the last five years, the darknet drug purchases such as DMT, Ketamine and 2C-B have rigorously increased.

Bitcoin has been chosen to be the most popular method of payment as it provides an anonymous way to purchase drugs on the darknet and hidden websites that are always accessed using softwares like Tor I2P (browsers). A latest report that has been put forward by Chanalysis has found that the use of Bitcoin as the payment method on the darknet market websites has gone more than 2x in the year 2018, where the daily transaction volumes have risen throughout the year to an average of $2 million USD. Estimating Bitwise, the original Bitcoin trading volume is somewhere around $273 million per day.

On the contrary, the price of the Bitcoin has also exerted a relatively less pressure on the darknet activities except for the fact that the markets experience a slightly more activity when the Bitcoin price goes down.

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