Bitcoin burst on the scene after trust had withered in the financial system and Washington’s ability to protect people from it. Now, it’s Washington’s embrace of bitcoin that’s sending it to records.
arrived after trust had withered in the financial system and in Washington’s ability to protect those who must participate in it. Now, it’s, a former regulator who’s seen as friendly to crypto, as the next chair of the Securities and Exchange Commission. He would replaceIt’s the latest leg in an astonishing run for bitcoin, whose swings in price are already notoriously extreme.
Such a tight embrace marks an interesting twist from bitcoin’s early days, when someone or a group of someones under the name of Satoshi Nakamoto created a kind of electronic cash that wouldn’t be beholden to any government or financial institution. Instead, Nakamoto suggested harnessing computing power around the world as a way to create a digital currency that can’t be double-spent. “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” That is what became the bitcoin network.
In its early days, it had a reputation for use by drug dealers, scammers, crypto enthusiasts, libertarians and others who were looking to move money without oversight by the government. Now, it’s also found its way into more investor portfolios. Earlier this year, the SEC approved exchange-traded funds that track the spot price of bitcoin. Such ETFs
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