Timothy Lavin , Columnist

Bitcoin Is Still Doomed

Congress got to hear a lot of nice things about Bitcoin from regulators this week. If you think that's good news for Bitcoin, you're missing the point.

November 20, 2013 at 6:03 PM UTC

By Timothy Lavin

Timothy Lavin is a member of the editorial board covering technology and politics. Previously, he was a senior editor at the Atlantic.

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Congress got to hear a lot of nice things about Bitcoin from regulators this week. The cryptocurrency's market price has also touched record highs. If you think either development is good news for Bitcoin, you're missing the point.

In Senate hearings Monday and Tuesday, an all-star roster of conscientious public servants -- from the Treasury Department, Justice Department, Secret Service, Federal Reserve, Department of Homeland Security, Securities and Exchange Commission and so on -- all offered very respectful remarks about virtual currencies and their innovative potential.