23 Apr '13, 4pm

Here's Why Venture Capitalists Want To Make Bitcoin The 'Next Big Thing'

Here's Why Venture Capitalists Want To Make Bitcoin The 'Next Big Thing'

Bitcoin – the controversial online currency that has soared in value this year – has captured the imagination of those in the investment community that see it as an opportunity to watch a classic "bubble" situation develop in real time . Today, Bitcoin is trading around $135. At its peak a few weeks ago, it reached $266. In January, it was trading at $15. For a big group of investors, though, Bitcoin seems to be anything but a bubble. "The most provocative feature of this dramatic rags-to-riches-to-rags-to-riches yoyo is that it is actually a diversion from the upcoming main event," says ConvergEx Group Chief Market Strategist Nick Colas. "Venture capitalists see a much larger narrative surrounding Bitcoin, and the capital they can put to work shaping the future of this novel currency far exceeds the $1.4 billion of Bitcoin value currently in the system. " Chris Dixon of A...

Full article: http://www.businessinsider.com/why-venture-capitalists-lo...

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