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Bitcoin amid Legitimacy Battle Still

Bitcoin amid Legitimacy Battle Still

The Digital currency Bitcoin has always promoted itself as an easy way to transfer money online. However, unfortunately for the currency, it has always been in the news for all the wrong reasons.

Just recently founder of Silk Road, Ross Ulbricht, was sentenced to life imprisonment because they operated a bitcoin based online market place dealing in items such as drugs, weapons and other items of illegal nature.

As if Silk Road wasn’t enough, soon after this racket went down, 750,000 bitcoins were stolen from Mt Gox, a Japan based bitcoin exchange. Today, the people believe that this was a planned heist by the top management of the exchange!

Although this was the last disaster that made headlines for Bitcoins, the damage was already done. Since then, Bitcoin has seen steady growth, albeit downward. Its prices have now hit an all time low of $237, the price it was traded on last Friday. In 2013, it went as high as $1150.

So what is the problem?

The industry experts, based on high profile bitcoiners in New York City, believe that the reason for such a sharp decline of Bitcoins is an obvious lack of rules and regulations. However, a high profile group of investors deem that they can turn the tide!

New Exchange in the Offing

The famous Winklevoss twins, Tyler and Cameron, evangelists of New York’s bitcoiners are planning to setup an exchange called Gemini that would be FDIC-insured. They call this exchange as the Nasdaq of Bitcoin. Tyler Winklevoss also said that this year will be a great year for the Bitcoin infrastructure.

The twins are Harvard educated and gain a lot of traction after they had a tangle with Mark Zuckerberg over who founded Facebook. According to them, the potential investors are waiting for the right opportunity to invest in the bitcoins.

The Winklevoss brothers will be joined by Ben Lawsky, top watchdog of New York’s Wall Street, who will be stepping down from his current position to start a consulting firm dealing in Bitcoins. Together, Gemini and Lawsy aim to make bitcoin a legitimate buzzword for the international trading and the online market place. They vow to do their best to clear Bitcoin’s name tainted with fraud.

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