During Tuesdays Congressional hearing which addressed Bitcoin, the Chairman of the Commodity Futures Trading Commission was directly asked about virtual currencies.
He said he sees Bitcoin primarily as a commodity, a long term store of value, and went on to directly mention the term “HODL”. He then said that Bitcoin is also used as a currency, a medium of exchange.
He further said, “We owe it to this new generation, to respect their enthusiasm for digital currencies with a thoughtful and balanced response, not a dismissive one”
He also mentioned the Blockchain and distributed ledger technology, specifically that it has a wide range of applications from charities to banking.
Author: Sara Bauer