Feb 2, 2014

Bitcoin: Just One More Fiat Currency

Wilfred HahnBy Wilfred J. Hahn
Eternal Value Review

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Q. Bitcoin: Are you planning on looking into this subject and giving your opinion? Thank you.


Speculation, Money Laundering and Wealth Transfer

A. Bitcoin is just one more fiat currency ... one that seems to fit with the spirit of the times.

People are certainly looking for a medium of exchange that will hold its value, especially given the many unorthodox measures that the major central banks are instituting. This was one of the hopes of the Bitcoin and the many other virtual currencies that have been launched in recent years.

In the end, they have become objects of speculation, money laundering and wealth transfer.

The same impulses lie behind the recent and incredible boom in fine art prices. Only the order of magnitude is different.