Wall Street Sees Bitcoin’s Legacy as Payment System: Currencies
Friday, January 17, 2014
While a Texas Senate candidate is accepting Bitcoin campaign donations, and Overstock.com customers can use the technology to buy engagement rings, Wall Street sees its future more as a payment system than a currency.
Either way, it’s been a profitable investment. Created in 2008, Bitcoin’s value took off last year, leaping about 60-fold in the past 12 months to $936.51 yesterday, with prices ranging from $16 to more than $1,200, according to bitcoincharts.com. Gold plunged 26 percent in the same period, while the second best-performing major currency, the 18-nation euro, climbed 7.3 percent versus a basket of its major peers.