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US Senate Recognizes Bitcoins-Value Sky Rockets

 

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A Senate hearing was held last night and saw an assortment of experts, including Federal Reserve chairman Ben Bernanke, giving their opinions on the currency – which were mostly guarded but positive.

The value of Bitcoin shot up to $785 after the meeting, a $200 rise from earlier that day. Bernanke said “While these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system,” . The hearing was called following the closure of Silk Road, an online black marketplace used largely for drugs, which was one of the earliest adopters of the Bitcoin currency and a name synonymous with its use. Many have said the closure of the “Amazon for drugs” site has helped to legitimise Bitcoin among its former nemeses.

Bitcoin was created in 2008 by an anonymous developer who goes by the pseudonym Satoshi Nakamoto. The currency is decentralised and therefore can’t be controlled by any government – it’s created, controlled and traded by Bitcoin users rather than a central bank.

 

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