09 Dec '13, 4pm

Why Wall Street isn't ready for Bitcoin

Why Wall Street isn't ready for Bitcoin

As the price of Bitcoin has shot into the stratosphere, there’s been a growing chorus talking about the virtual currency not only as means of exchange but as a vehicle for investment. Just consider the following: A single Bitcoin purchased for $65 six months ago is now worth around a $1,000, and a Malta-based Bitcoin hedge fund has posted returns of nearly 5,000 percent this year (making it the single best performing hedge fund in the world). What is surprising, however, is that for all the chatter about Bitcoin’s investment potential, a group of major players has been notably absent from the conversation: large, established Wall Street firms. The biggest organizations in the financial world have been conspicuously silent when it comes to Bitcoin, almost entirely staying out a staying out of a sector that’s been a huge moneymaking opportunity for those lucky enough to get ...

Full article: http://www.dailydot.com/business/wall-street-bitcoin-bank...

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