31 Mar '14, 4pm

How Israel Can, and Should, Become Ground Zero for Bitcoin

How Israel Can, and Should, Become Ground Zero for Bitcoin

Michael Eisenberg is a partner at early-stage venture capital fund Aleph. A key figure in Internet and software investing in Israel, he currently resides in Jerusalem and lectures on entrepreneurship at Hebrew University. Here, he makes a case for Israel as a potential hub for digital currency innovation. This week, the US Internal Revenue Service (IRS) handed Israel a golden opportunity on a silver platter. Or, shall I say, a virtual gold opportunity. By deciding to tax bitcoin as an asset, like gold, the US Government effectively doomed bitcoin as a currency. As Robinson Meyer correctly writes in The Atlantic : “To tax bitcoin as property … destroys its fungibility: one bitcoin can no longer be exchanged for another …This was one of the original intents behind the service. Bitcoin aimed to function as a kind of digital money, meaning it had to work as a unit of account, ...

Full article: http://www.coindesk.com/israel-can-become-ground-zero-bit...

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