Not only has venture capital investing in Bitcoin failed to slow even as the price of the digital currency has slumped, but now some big Wall Street names have hopped on the bandwagon.
On Tuesday Bitcoin payments and wallet platform Coinbase announced it had raised $75 million in Series C funding. That's more than double the previous amount of venture capital invested in a Bitcoin company.
But this time it wasn't just the usual Bitcoin-friendly VC firms backing Coinbase.
These heavy hitters just made investing in Bitcoin a hot new trend...
Not only has venture capital investing in Bitcoin failed to slow even as the price of the digital currency has slumped, but now some big Wall Street names have hopped on the bandwagon.
On Tuesday Bitcoin payments and wallet platform Coinbase announced it had raised $75 million in Series C funding. That's more than double the previous amount of venture capital invested in a Bitcoin company.
But this time it wasn't just the usual Bitcoin-friendly VC firms backing Coinbase.
These heavy hitters just made investing in Bitcoin a hot new trend...
A sure sign that Bitcoin is gaining traction is to keep track of who is investing in Bitcoin businesses.
And two of the world's more respected business leaders, Sir Richard Branson, chairman of the Virgin Group Ltd., and Jerry Yang, co-founder of Yahoo! Inc. have joined a team that's investing $30 million in Bitpay, a Bitcoin payment processing firm.
The Winklevoss Bitcoin ETF is still awaiting regulatory approval from the Securities and Exchange Commission, but now we know that when the time comes it will debut on the Nasdaq exchange.
Most observers expect to the Winklevoss Bitcoin Trust - the fund's official name - to be approved by the end of the year. It's just one sign of growing Wall Street interest in investing in Bitcoin and Bitcoin funds.
And as Wall Street gets more involved in the digital currency, things will start to change rapidly…
Ever since Bitcoin was launched and achieved success, hedge-fund managers and activist investors have been looking for an investment vehicle for the cryptocurrency. Now they have one with Bitcoin funds.
Money Morning's Defense and Tech Specialist Michael Robinson has been recommending these Bitcoin funds to investors because they are a ground-floor opportunity for Bitcoin profits.
In this video, Robinson details several of these profit opportunities, including the "King of Bitcoin funds," which currently manages a portfolio of 90,000 bitcoins and has achieved a 1,000% return in just three months. But that's not the only fund. Some of these Bitcoin funds even pay weekly dividends to investors.
When the Internal Revenue Service (IRS) issued its guidance on digital currency a few weeks ago, it seemed that Bitcoin investing had gotten some very good news.
See, the IRS had just issued a ruling in which the tax agency said it intended to treat the radical new digital currency as property, not currency.
With the use of Bitcoin spreading rapidly, regulators are scrambling to study the digital currency. And while well-crafted regulation would grant Bitcoin much-needed legitimacy, too much would stifle its growth. Striking an ideal balance won't be easy,
but at least one regulator seems to be on the right track...
From soaring prices (and crashes) to the saga of Silk Road, the now-defunct Web marketplace for illegal drugs, Bitcoin had a eventful year in 2013. The Bitcoin story this year will have far less drama - but what happens will determine the ultimate fate of the digital currency.
Here's what 2014 has in store for Bitcoin...
Just about everything that has to do with the digital currency Bitcoin is at least a little odd. Like how one Bitcoin went from being worth just a few pennies in 2010 to being worth over $1,200 a few weeks ago. A lot of this stuff could only happen in the universe of Bitcoin.
It doesn't get much crazier than this...
I strongly believe that everyone should own some physical gold. It's been the store of value, and the preferred method of asset protection for more than 5,000 years. It's irreplaceable.
But I also believe that every investor ought to own at least some of the new digital money known as bitcoin.
You see, most of the people buying bitcoin are interested in the explosive growth potential the new "currency" offers, as more and more retailers, CEOs, and governments embrace it.
But they're getting more than that.
Bitcoin comes with some unique wealth preservation properties, too. And while it will never replace the market's most popular hedge,
By now you've probably heard of the digital currency Bitcoin, but it's not as new as you might think. Virtual currencies have been around for more than 20 years, and Bitcoin is far from the only example. Today there are more than ever - at least 80. And there's a good reason people keep coming back to the idea of virtual currencies -
other forms of money just aren't capable of this...
Just a few kind words from a handful of federal officials about the positive aspects of the Bitcoin market Monday afternoon were all it took to send the digital currency rocketing from $675 to $900 in a matter of hours.
While Bitcoin prices settled back down into the $600s by Tuesday morning, the significance of the Bitcoin market's reaction should not be dismissed.
What was said at Monday's Congressional hearing before the Senate Homeland Security and Government Affairs Committee marked a turning point in how the U.S. government views Bitcoin.
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When you look at the numbers, it's almost surreal. In just three weeks, the digital currency known as Bitcoin has more than tripled in value. For that you can thank the Chinese. Over the past month, the volume of Chinese Bitcoin buying has increased tenfold. And when you find out why they're buying,
You'll see that we're still in the early stages of this phenomenon...
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