13% of Americans Prefer Bitcoin to Gold While Prices Plunge…Weekly News Update

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IRS: Bitcoin is property, not currency

The IRS has made a ruling on Bitcoin, and some are sure to be disappointed. The IRS has ruled that Bitcoin should be considered property, not a currency, which means that Bitcoin earnings will be subjected to higher taxes. The IRS notes that Bitcoin does not have any legal status in any jurisdiction and thus does not qualify as a currency. Regardless, the IRS classifying Bitcoin as property may afford Bitcoin users some legal protection in the future as the currency is, at least, being officially recognized.

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13% of Americans prefer Bitcoin to gold

Thirteen percent of Americans have said that they would choose to invest in Bitcoin rather than gold. While this number may seem low to some, for an online currency that has only become popular within the last few years, it’s a major development. It should be noted, however, that only 48% of Americans actually know what Bitcoin is. This information comes from a Harris Interactive poll that was conducted in December of 2013.

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Mark Andreessen: Libertarians Will Turn On Bitcoin

Famed venture capitalist Mark Andreessen is predicting that libertarians, who have been instrumental in Bitcoin’s growth, will soon turn on the cryptocurrency. Mr. Andreessen believes that Bitcoin will move into the mainstream over the next two years, and as it does so, it will leave behind the fringe politics that helped cement its founding. Indeed, with traditional investors and large companies becoming involved with Bitcoin, the currency is already losing some of its appeal among libertarians. Mr Andreessen doesn’t see this as a bad development, but instead as a sign of Bitcoin maturing.

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Reddit CEO Blasts Bitcoin Users

CEO Yishan Wong is stirring up the pot by calling some of Bitcoin’s die-hard users “crazy libertarians who are increasingly poorly-informed about currency systems and macroeconomics”. Mr. Wong has basically argued that while Bitcoin is growing more popular, it is attracting the wrong kind of crowd. More or less, many of Bitcoins adopters are now “uneducated” and ill-informed in regards to currency regulation and macro-economics.

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Bitcoin Prices Plunge As China’s Central Bank Orders Accounts To Shut

Surging demand from China was instrumental in driving up the price of Bitcoins this past fall. Now the People’s Bank of China has ordered banks and payment companies to close down their accounts on some 10 different exchanges, causing the price of Bitcoins to plunge by 10 percent. Accounts must be closed by April 15. The PBOC cites concerns over money laundering and other illicit activities as key reasons behind the move. Despite a recent string of bad news, Bitcoin prices still remain relatively high. Still, cooling demand from China could cause Bitcoin to cool off in the near future.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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