Post
Topic
Board Economics
Re: Bitcoins UK future looks bleak
by
RichardForsyth
on 12/11/2013, 21:42:24 UTC
United States Senate will meet on November 18 to investigate bitcoin. 

http://www.coindesk.com/us-homeland-security-committee-explore-bitcoins-potential-18th-nov-hearing/

I wonder if they will listen much to what the UK and German governments have determined? I predict that negative findings on bitcoin by this committee will only increase its value.  The current market is largely made of anarcho-capitalists--they'll march in the exact opposite direction that the gov points every time, and it might also lead to fears that they will become harder to acquire.  So hoarding, massive buy-ups, etc.   And I suggest positive findings will do the same thing--potentially open the cryptocurrency market to skeptics and 2nd tier adopters. 

The only thing I think they'll do is nothing. Because they're numbskulls and they can't agree on anything.  I imagine they will just state what has already been said by the IRS, FinCEN, and various banking experts, which is basically: "It looks like it might be dangerous but we don't really get it so let's continue to watch."