Some amount of the “hot money” — maybe not millions, that’s too unwieldy, but a good amount — can be used to purchase closed-loop gift cards, on websites that a

Some amount of the “hot money” — maybe not millions, that’s too unwieldy, but a good amount — can be used to purchase closed-loop gift cards, on websites that allow purchase with BTC. If those cards are from major retailers like Target or Amazon or Walmart, the cards can be used to buy merchandise which is in demand and holds its value well, most likely electronics, which can then be sold on eBay or through Buyers’ Clubs for most of their retail price. But that’s a lot of work and a lot of inventory to manage, so it’s more likely the gift cards would then be sold for about 70-80% of their face value, usually on a site like Raise.com or GiftCardGranny or similar, or even at the automated kiosks that are starting to be available in some chain stores, with the laundered funds being delivered by ACH a few weeks later.