Last updated on August 24th, 2016 at 03:11 pm
Bitcoin Caught in Roller Coaster Price Swings
It’s been an exciting few weeks to be a Bitcoin trader, to say the least. Prices peaked at over $900 dollars before swinging back to about $450 dollars. Prices then rebounded to $780 dollars. Some experts believe this is due more to speculation rather than anything inherent in the Bitcoin itself. Outside news, which often drives Bitcoin prices, has been relatively calm, even as Bitcoin prices have swung up and down wildly.
FEC Rules Against Allowing Bitcoin to Be Used in Election Donations
In a blow to Bitcoin’s credibility, the Federal Election Commission in the United States has ruled that political organizations cannot accept donations in Bitcoins. This ruling came after the Conservative Action Fund requested to be able to accept the digital currency. The FEC was deadlocked in a 3-3 vote, but has suggested that it will revisit the issue in the future. While the ruling may affect Bitcoin prices, it did not appear to have any major impact on Bitcoin prices.
University to Accept Bitcoin as Payment
The University of Nicosia has announced that it will accept Bitcoins at its main campus in Cyprus and at its satellite campuses across the world. The university says that it has given the green like for Bitcoin in order to help students how are having troubles paying due to their geographical locations. The university also believes that Bitcoin offers a potential growth industry for the nation as a whole.
U.S. Senate To Conduct Two Hearings to Learn More About Bitcoin
It was bound to happen at some point. Bitcoin has finally drawn the attention of the U.S. Federal government, though so far the government’s views remain unknown. The U.S. Senate will hold two hearings to learn more about the currency and its skyrocketing value. Of particular interest will be Bitcoin’s role in supporting sites like the Silk Road that support the illicit trading of drugs and alcohol.
Is a Bitcoin “Greenlist” a Threat to the Bitcoin Ecosystem?
Three entrepreneurs in New York announced an “ambitious” idea called “Coin Validation.” Most likely you’ve already gotten an idea of what this creatively named business is all about. Apparently, the owners are looking to create a “green list” of traceable payments that can be traced to physical entities. The bulk of the Bitcoin community, however, charges that this undermines the whole point of Bitcoin, which is to provide anonymity. Already, some community members are calling for a boycott.
Bloomberg Magazine Claims Bitcoin is “Doomed”
Not everyone is hopping onto the Bitcoin bandwagon. Timothy Lavin of Bloomberg claims that Bitcoin is “doomed.” Basically, Mr. Lavin charges that the U.S. government and other governments will only support currencies that they can control and monitor. Bitcoin, on the other hand, is difficult to monitor, which will lead the government to eventually take action against it.