Last week was relatively eventful for bitcoin, the cryptocurrency that has been attracting growing attention from investors, speculators and regulators. Considerable price volatility was accentuated by reactions to commentary (some constructive and some less so) about a "disruptive technology" that responds to specific client needs, is here to stay, and will likely gain greater systemic influence, but is still early in its maturation process and subject to localized shocks and sudden government interference.
Perhaps one of the most useful ways to think of bitcoin (and the increasing number of its cryptocurrency peers) is as an innovation that reduces the barrier to entry to a payment system outside the direct purview and auspices of central banks and most other official entities. Its admirers and advocates look for the phenomenon to increasingly assume the key characteristics of trusted and effective "money" -- and to go beyond what is offered by precious metals to include the full trifecta of a peer-to-peer medium of exchange, a store of wealth, and a vehicle for hedging and legitimate speculation.
Full story at https://bloom.bg/2w5X8qn
Source: Bloomberg
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