May 15, 2017
It seems like every time bitcoin is mentioned on the news or by people in the financial institutions, it is always such a sinister thing. It is always linked to money laundering or "ransomware." The big news today was how the 200,000 computers were hacked and the hijackers demanded a "bitcoin ransom." If the hijackers had demanded USD, would that make the dollar an evil currency used by the malicious? Our company does business in Nigeria where kidnappings are very common and the ransom demands are always in USD, not bitcoin.
The media would never report on stories where bitcoin was given as a Confirmation gift, birthday present or a reward for making the Dean's list instead of a check or $50 bill. The media wouldn't mention an eight year old receiving ether or bitcoin in their parents wallet on Christmas Eve (sorry, during the holidays) and watching it grow throughout the year.
The World is moving towards accepting bitcoin and other currencies, why is the US going to drag its feet? I realize that this precludes the Wells Fargos and B of As from creating undervalued money every time we deposit our paychecks but it is almost inevitable. Just imagine what bitcoin could do if it were not isolated and harassed by entities like the IRS. The IRS didn't impose the same rules on Paypal or Ebay in regards to speculating. This may be a lowbrow example but having two daughters I remember people buying all the American Girls products off the shelves and then selling them at three times the store price on Ebay. How is that a different form of gains on property in the eye of the IRS?
Approve or reject the bitcoin ETF. Either way, bitcoin is here to stay. While debt and spending are spiraling out of control, bitcoin can be the ultimate piggy bank and with only 21,000,000 coins to be owned, why make it more difficult for the Americans to invest sooner rather than later?
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Good Things,
Eric