Bitcoin Gets Its Day in the Limelight

“Bitcoin was so off the radar a year ago that Bank of Canada Governor Stephen Poloz knew nothing of the virtual currency until it was woven into the plot of a popular American television show.  ‘I first heard about it on The Good Wife,’ Mr. Poloz said during a September visit to the central bank’s Calgary office, referring to the CBS legal drama, which produced an episode inspired by the mysterious origins of Bitcoin in early 2012, wrote Kevin Carmichael of the Globe and Mail, Monday, November, 18th.” “The virtual currency took another step away from the margins of the financial system Monday, as the U.S. Senate homeland security and governmental affairs committee set aside a good chunk of the afternoon for testimony on whether the private – and largely anonymous – payment system requires special regulatory scrutiny. It was the first time a congressional committee had conducted hearings on digital currencies. There are about 12 million Bitcoins in circulation, which are used by Internet consumers to pay for everything from gourmet coffee to teeth whitening. While some investors see the currency as a store of wealth along the lines of gold, detractors flag Bitcoins’ attractiveness to criminals: Transactions on Silk Road – the online marketplace for drugs and other illicit goods and services, such as murder-for-hire, that U.S. authorities closed earlier this year – were done in Bitcoin.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

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