It’s not everyday that you hear some positive Bitcoin-related news coming from the Federal Reserve. So it may or may not come as a surprise to you that an economist at the Federal Reserve Bank of Chicago has come forth declaring the digital currency as a “remarkable conceptual and technical achievement.”
François R. Velde, in his report, acknowledges that bitcoin may very well be something that’s used by “existing financial institutions,” signaling widespread awareness in the financial community.
Velde’s report also acknowledges that bitcoin has been growing. He has a great point. This week, the price of bitcoin surpassed its previous high and has reached new limits. The market capitalization for bitcoin is also fast approaching $4 billion.
If you’re interested in reading the entire report, you can find it here.