Early Bitcoin investors risked prison to grow crypto

Trace Mayer, an early Bitcoin (CRYPTO:BTC) advocate, compared the risks taken by early cryptocurrency entrepreneurs to soldiers charging into battle, citing the legal uncertainties they faced while building the industry.  

“The early Bitcoiners…stormed like Omaha Beach. They took the risk running into the machine gunfire,” Mayer said in a recent interview.

He pointed to figures such as Roger Ver, who backed companies like Bitpay, Kraken, and Coinbase during Bitcoin’s early years despite the unclear regulatory landscape.  

Mayer recalled how in 2013, those involved in money transmission businesses risked severe legal consequences.  

“Anyone who owned all or part of a money transmission business…could face five years in jail,” he said, emphasizing how the government’s stance on crypto was uncertain, referencing the 2007 crackdown on Liberty Dollar.  

Roger Ver, known as “Bitcoin Jesus” for promoting Bitcoin globally, is now facing legal troubles of his own.  

U.S. prosecutors accuse him of tax evasion, claiming he underreported Bitcoin holdings and company values after renouncing his U.S. citizenship in 2014.  

Ver, who is under house arrest in Spain and awaiting possible extradition, has denied the charges, calling them “politically motivated.”  

If convicted, he could face up to 109 years in prison.  

Supporters, including Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin and conservative commentator Tucker Carlson, have called on former U.S. President Donald Trump to pardon Ver.  

Mayer’s comments highlight the challenges faced by early Bitcoin pioneers, who risked legal action to build the foundation for what is now a $1.7 trillion industry.  

“Some took more risks than others,” he noted, underscoring the tensions between innovation and regulation that continue to shape the crypto space.

At the time of reporting, the Bitcoin price was $87,211.00.