{"id":324,"date":"2013-11-18T23:23:00","date_gmt":"2013-11-18T23:23:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/bitcoin-skyrockets-to-600-after-us\/"},"modified":"2021-03-26T13:03:25","modified_gmt":"2021-03-26T11:03:25","slug":"bitcoin-skyrockets-to-600-after-us","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/11\/bitcoin-skyrockets-to-600-after-us.html","title":{"rendered":"Bitcoin skyrockets to $600 after U.S. agencies label it legitimate"},"content":{"rendered":"
\n

(DailyDot<\/a>) The Department of Justice and Securities and Exchange Commission told senators that bitcoins<\/a> are “legitimate financial instruments,” Bloomberg\u00a0<\/i>reports<\/a>. The news comes just three days ahead of a U.S. Senate Committee on Homeland Security and Governmental Affairs hearing on Bitcoins<\/a>,<\/p>\n<\/div>\n

\n

Almost immediately following the article publication at 12:01am ET, the
\naverage price of Bitcoins jumped over $50, from $495 to $554, sprinting
\npast the $500 milestone<\/a>. It has continued to climb to a $583 average in the hours since. At Mt. Gox<\/a>, the largest Bitcoin exchange, the currency is already selling for $630.<\/p>\n<\/div>\n

\n

The Senate committee, which was scheduled immediately following the fall<\/a> of the Deep Web<\/a> black market Silk Road<\/a>, aims \u201cto explore potential promises and risks related to virtual currency for the federal government and society at large.\u201d<\/p>\n<\/div>\n

\n

\u201cThe FBI\u2019s approach to virtual currencies is guided by a recognition<\/em>
\nthat online payment systems, both centralized and decentralized, offer<\/em>
\nlegitimate financial services,<\/em>\u201d Peter Kadzik, principal deputy assistant
\nattorney general, wrote according to Bloomberg.<\/p>\n<\/div>\n

\n
\n

\u201cLike any financial service, virtual currency systems of either type<\/em>
\ncan be exploited by malicious actors, but centralized and decentralized<\/em>
\nonline payment systems can vary significantly in the types and degrees<\/em>
\nof illicit financial risk they pose.<\/em>\u201d<\/p>\n<\/div>\n<\/blockquote>\n

\n

Ben Bernanke, the chairman of the Federal Reserve, said he had no plans
\nto regulate the currency. In fact, Bernanke isn’t sure if the Fed even
\nhas the authority to do so.<\/p>\n<\/div>\n

\n

In an article on Sunday, Time<\/i> reported <\/a>that the Senate hearings were “just the beginning<\/em>.”<\/p>\n<\/div>\n

\n

\u201cHonestly, the environment seems to be a game of hot potato where no<\/em>
\npolitician wants to be caught being pro or anti bitcoin,<\/em>\u201d Charles
\nHoskinson, director of the Bitcoin Education Project, told the magazine.
\n\u201cOnce the market cap gets to around $10 billion or so, then expect real
\nhearings and a lot of lobbying.\u201d<\/p>\n<\/div>\n

\n

At nearly $7 billion and triple what it was just two weeks ago<\/a>, the cap is closing in fast on Hoskinson’s milestone.<\/p>\n<\/div>\n

\n

The reaction in the Bitcoin world has been ecstatic. After similar reports of Chinese authorities saying the government has\u00a0no plans <\/a>to
\nregulate the digital currency, news that the U.S. is following suit is
\nexactly what Bitcoin-backers had hoped for. Around the Internet, bitcoin
\nenthusiasts talked about the adrenaline they felt watching the price
\nsurge this morning.<\/p>\n<\/div>\n

\n

There is already widespread speculation in the community that the currency will soon enough reach $1,000\u2014and beyond.<\/p>\n<\/div>\n

<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(DailyDot) The Department of Justice and Securities and Exchange Commission told senators that bitcoins are “legitimate financial instruments,” Bloomberg\u00a0reports. The news comes just three days ahead of a U.S. Senate Committee on Homeland Security and Governmental Affairs hearing on Bitcoins, Almost immediately following the article publication at 12:01am ET, the average price of Bitcoins jumped […]<\/p>\n","protected":false},"author":1,"featured_media":953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,468,542,656],"tags":[1126,1201,1307],"yoast_head":"\nBitcoin skyrockets to $600 after U.S. agencies label it legitimate -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2013\/11\/bitcoin-skyrockets-to-600-after-us.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin skyrockets to $600 after U.S. agencies label it legitimate\" \/>\n<meta property=\"og:description\" content=\"(DailyDot) The Department of Justice and Securities and Exchange Commission told senators that bitcoins are “legitimate financial instruments,” Bloomberg\u00a0reports. 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