VP of St. Louis Fed on Bitcoin: "A Stroke of Genius"

The Vice President of the St. Louis Federal Reserve Bank in the United States, David Andolfatto, has come out with a 36-page slideshow/report on the topic of bitcoin.

Now, if you have a few minutes, you’ll probably want to take a look at it (it’s very quick to get through).

Based on my review of the report, I find it to be mostly fair. The report calls bitcoin “A stroke of genius”, informing readers that it is a monetary system governed by complex algorithms. In addition, the report recognizes that banning bitcoin is next to impossible.

A specific point I feel is spot-on about this report is the acknowledgment that bitcoin is subject to theft just as much as cash is.

There’s so many other points in it that I haven’t talked about here, so this shouldn’t at any level be considered a review of the report. Just wanted to share with you.

Take a look through. Do you agree that it’s a fair analysis?