Looking for reasons the price of Bitcoin and Ethereum shot up during the pandemic? Exhibit A: a county executive in Tennessee named George Thacker obtained $650,000 in covid relief funds through his local bank and the SBA and then deposited $230,000 of it into his personal Coinbase account, authorities say. He then used that money to buy Bitcoin, Ethereum, and other cryptocurrencies. Using the funds for personal purposes such as that were impermissible.
Thacker pled guilty to wire fraud charges yesterday. He faces up to 20 years in prison at sentencing.