Unit 2 Macro: The Rise of Bitcoin
Here is an interesting report on the rise of digital currencies. Bitcoin, a decentralised, virtual currency, is gaining increasing interest from investors and entrepreneurs. The currency is not controlled by a government or a central bank and is traded on the internet.
In this short news video, the FT's Maija Palmer reports from a Bitcoin conference on where the currency is heading including the use as a person to person medium of exchange. In technology savvy cities in the USA, there is no a bitcoin ATM that allows people to swap standard currencies for bitcoin credits. Will retailers latch on to the new currency?
Regulators seem wary about what Bitcoin is and how it might be used, fearing for example the use that might be made of anonymous and untraceable digital currencies for illegal money laundering by terrorist organisations.
BBC news - unveiling the mystery behind Bitcoin