06 Jun '13, 2pm

From Wall Street to Bitcoin #bitcoin

From Wall Street to Bitcoin #bitcoin

Buying was not as simple a task as I had hoped. On the day I read Tyler’s post, the Bitcoin-US Dollar exchange rate (BTCUSD) closed at the price of $1.7949. Four weeks later, after jumping through half-a-dozen hoops to get cash onto Mt. Gox, Bitcoin’s oldest exchange, the price had more than tripled. I held my nose and bought in for an average price of $6.3308. During that waiting period I learned an invaluable lesson: the majority of speculators had recently discovered Bitcoin and were struggling to move deposits to purchase it. Each day I checked Google Trend data for Bitcoin related search terms and saw the network effect of an infectious idea at work. In a scarce liquidity environment, media attention pushed price and the price in turn drew new eyes to this grand experiment. A week later my roommate at the time – then a trader at another bulge-bracket firm – joined the...

Full article: http://bitcoinmagazine.com/from-wall-street-to-bitcoin-jo...

Tweets

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