Bitcoins are a form of virtual currency that are just starting to get some attention. Right now, one Bitcoin is worth somewhere in the $90 range, so almost 100 of your dollars equals one of something that you cannot touch or see.
How did a virtual currency come to have a very tangible hold on global economies and should we be concerned? The United States is.
The Treasury Department just last week put Bitcoin under money laundering rules, further legitimizing it and driving its price up to its current astronomical levels. Central Banks are concerned because they have no control over this currency. Average folks however are starting to see that their “real” money isn’t safe in banks (see Cyprus) and are looking to things like Bitcoins as a genuine alternative.
On “Real News” Friday the panel discussed what exactly is a bitcoin, who’s using it, and is it creating a bubble that could cause lasting damage?