02 Jan 2014 / CNBC – Last year was nothing short of exciting for bitcoin and with 2014 set to be another interesting year for digital currencies, the Bitcoin Foundation expects wider adoption and the recognition of its potential to support bitcoin going forward.
Over the course of 2013 the digital currency increased nearly 6,000 percent in value on the Mt. Gox exchange, closing the year out at $806.
In late November, bitcoin peaked at $1,242 before concerns about Chinese regulation and a global speculative bubble led to a rapid depreciation. Bitcoin has since stabilized around current levels. Bitcoin was trading at $816 on the Mt Gox exchange on Tuesday afternoon in Asia.
As mainstream awareness continues to increase the question remains: given volatility and speculation can bitcoin become a viable currency?
“There’s certainly a lot of work that needs to happen… between now and bitcoin being a unit of account unto itself,” Patrick Murck, principal and founder of the Bitcoin Foundation, which aims to standardize, protect and promote the use of bitcoin worldwide, told CNBC on Thursday.
“But people are working on it and I think that’s what you’re going to see happen this year. Having reliable exchanges… more merchants coming on board, more consumers using it as a payment platform. All of those things will support bitcoin going forward as a currency,” he added….. Read more
