CNN Declares “Bitcoin Is Here To Stay”
CNN has just published a surprisingly positive news story about Bitcoin that tells readers “Don’t fight it,” while proclaiming that Bitcoin is the “future of money.” This was the first instance of a major mainstream news outlet reporting accurately on the reasons for Bitcoin’s exponential growth. The caption beneath the headline image stated, “Bitcoin is reshaping the future of digital money and will challenge payments firms such as Visa and Mastercard.”
While many people in the Bitcoin community believe this statement to be true, the acknowledgement by CNN is likely to bring a new wave of interest to the booming peer-to-peer currency.
From the CNN article:
“Love it or hate it, Bitcoin is here to stay.
Tech gurus, executives and investors lined up at the ‘Le Web’ conference in Paris Tuesday to predict a bright future for Bitcoin, challenging critics who have emphasized the risks associated with the digital currency.
‘I think there is a lot more that is going to happen in the world of money very quickly, and that’s because of Bitcoin,’ said Fred Wilson, a tech investor known for his early bets on Twitter (TWTR) and Kickstarter.
Related: What is Bitcoin?
‘We will now see payments and money flow on the Internet in the same way that content flows on the Internet and in the same way that images flow on the Internet,’ he said, adding that this was one of the most ‘investable‘ trends he could see.
Companies such as PayPal, Visa (V, Fortune 500) or Mastercard (MA, Fortune 500) would not control the flow of digital money, Wilson said.
PayPal President David Marcus also hopped on the Bitcoin bandwagon, revealing that he owns bitcoins himself and saying he could imagine people using them on the eBay (EBAY, Fortune 500) platform in future.
However, Bitcoin’s volatility would have to come down before it would be more widely adopted as a unit of exchange.
‘It’s not a [real] currency and it won’t be a currency until volatility slows down,’ he said.”
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