In the past week we have received a number of calls regarding Bitcoin. I’m sure many of you have heard the buzz. The massive gains in the cryptocurrency since the beginning of the year has many people excited and curious about what the future may hold. But what exactly is a Bitcoin? In short, Bitcoin is an unregulated, decentralized, demand backed asset that is “mined” using sophisticated computer algorithms. There are approximately 16 million Bitcoins currently in circulation and there can never be more than 21 million, which makes it very different from a fiat currency that is backed by a government. The value of Bitcoin is based entirely on demand and speculation, which is why we have seen such a massive surge in value, and why so many investors are cautious about it as a potential investment. Recently the Wall Street Journal put out an article providing insight about what Bitcoin is…and what it is not.
To Bitcoin...or not to Bitcoin
