Bitcoin Further Legitimized by Wall Street

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A hedge fund firm in San Francisco has posted a job ad to hire a “junior trader to assist with bitcoin trading, general fund operations, and reporting.” Although this is the first job posting specifically for bitcoins, there are likely to be many more.

Wall Street to recognizing crypto-currencies gives them serious legitimacy as an asset. They aren’t viewed as a currency or a commodity really. They have created their own uniquely new category of assets. They have been given value by the people using them, and they are being actively bought and sold.

Even if they aren’t a “legitimate currency,” their value is undeniable. With Wall Street getting involved with bitcoins, they become more than a hobby or a grassroots movement against regulated currencies. According to David Woo, a currency strategist, “we believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers. As a medium of exchange, Bitcoin has clear potential for growth, in our view.”

Read the full blog post on JOSIC.COM here.

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