Bitcoin to Congress: Take Me Seriously

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Nov. 18 (Bloomberg) -- Bloomberg chief Washington correspondent Peter Cook previews today’s Senate hearing on Bitcoin, as supporters of the virtual currency look to convince lawmakers of its legitimacy. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”


They do not accept bitcoin on k street.

For the moment.

That is that this hearing is all about.

Today and tomorrow -- it is the legitimacy.

These hearings are not about bitcoin or the threat.

That will be discussed.

This is also about bitcoin arriving in washington on the national stage and having policymakers take a look at it seriously.

It is not just a hobby anymore.

This is for folks who support bitcoin.

They see this as an opportunity.

Is this an ultimate backgrounder for the politicians?

Are they coming in with staffs prepared for a political message?

There will be -- the folks leaving this meeting, the chairman, both are very familiar with this issue.

They may be the exception to the rule.

The members of congress do not know what the internet is all about.

They do not know what the point is all about.

This will be educational for them.

It is an informational session.

The folks who support the coin and want to make money off of it see this as an opportunity.

It is their first entree into washington.

A coming out party of support -- of sorts.

There is relative anonymity that virtual currencies offer to criminals.

This will come up a lot over the next few days.

All things being equal, they see this as an opportunity, not a threat.

Any sense of what the general counsel will say today?

I do know that the general counsel of the claim is among those testifying.

They want to make the story in washington and elsewhere.

You want to make the case that there are so many opportunities and upsides to bitcoin.

Washington should be pleased and supporting the rise of bitcoin.

The issues raised by law enforcement can be addressed.

There is no reason that law- enforcement cannot track down the bad guys using bitcoin.

The same way they do traditional currency.

The chicago fed came out on bitcoin a week and a half ago.

What is the impact on that statement on today's hearings?

The regulatory climate here is confusing.

That is one of the whole stories here.

These hearings were going to help to make the point that no one is clear where bitcoin falls in the regulatory scheme of things.

There are eight or nine agencies that touch bitcoin and subway.

The treasury to the election commission -- k street will not take bitcoin, but campaigns can get paid back in but claim -- bitcoin.

That would be precedent setting.

It is not clear.

It is a commodity and not a traditional currency.

That is a question.

Who regulates this?

Peter cook, our chief washington correspondent.

Are you pro-? i do not get it?

I am not on this bandwagon yet.

What do you think?

I do not understand it.

If there was in the apocalypse, there is no perp -- no possibility.

It scares me.

Coming up, we will look at bitcoin as an investment.

The ultimate alternative asset.

Maybe four when the apocalypse comes.

Also, the twitter of the question of the day.

What should top the next

This text has been automatically generated. It may not be 100% accurate.


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