Bitcoin Price Skyrockets as Senate Hearing Concludes
The price of bitcoin spiked dramatically last night and the transaction volume on the Bitcoin protocol (in USD) eclipsed that of Western Union. The spike took place after Jerry Brito, Patrick Murck and Jeremy Allaire presented their testimonies on bitcoin and the future of virtual currencies to the Homeland Security and Governmental affairs committee in the US senate at the Senate hearing titled Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies. The CoinDesk BPI read $650 on conclusion of the hearings, with Mt. Gox reporting a jump to $750 and, later, BTC China....
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View the full video of the Senate Committee on Banking, Housing, and Urban Affairs hearing on virtual currencies here. It was refreshing to see a Senate hearing kick off half an hour early for a change, and in a place with far more sitting room than room 538 of the Dirksen Senate Office Building. Just before 15:00 ET, while aides were still preparing that room for the two-hour session, Senator Jerry Moran posted a question on reddit: "I'm one of the Senators attending today's US Senate Banking Committee hearing related to bitcoin. What would you like me to know?" He wanted wider input on....
View the full video of the Senate Committee on Banking, Housing, and Urban Affairs hearing on virtual currencies here. The Present and Future Impact of Virtual Currency hearing taking place today at the US Senate will be webcasted live on C-SPAN3. The Committee on Banking, Housing and Urban Affairs' Subcommittee on National Security and International Trade and Finance, and Subcommittee on Economic Policy will meet in open session. This is the second of two hearings on digital currency this week, the first being held by the US Senate Committee on Homeland Security and Governmental Affairs....
Read our earlier post about the French Senate Hearing's outcome here. Watch the videos below:
In a letter released a day before a Senate committee hearing on Bitcoin, the FBI recognized the digital currency as offering “legitimate financial services,” though it warned criminals and those with malicious intent could exploit the currency. Still, it was a sufficient vote of confidence to send Bitcoin prices to new record highs. The Mt. Gox exchange briefly saw trades of 1 BTC for 900 USD before the price stabilized. The asking price just three weeks earlier had been around $200. The hearing was called by the Homeland Security and Governmental Affairs Committee to determine the risks....
Bitcoin and other digital currencies will get to make their voices heard before a Senate committee hearing November 18 in Washington. The Senate Committee on Homeland Security and Governmental Affairs called a hearing to learn more about Bitcoin and what it calls “virtual currencies.” Five government agencies will send their representatives to offer perspective. Representing the digital currency economies will be Patrick Murck, from the Bitcoin Foundation; Jeremy Allaire, CEO of Bitcoin startup Circle; and Jerry Brito, a Bitcoin researcher from George Mason University. Brito himself makes....