<s>
Bitcoin	B-Protocol
is	O
a	O
digital	O
asset	O
designed	O
by	O
its	O
pseudonymous	O
inventor	O
,	O
Satoshi	O
Nakamoto	O
,	O
to	O
work	O
as	O
a	O
currency	O
.	O
</s>
<s>
Since	O
Bitcoin	B-Protocol
's	O
first	O
appearance	O
in	O
2008	O
,	O
it	O
has	O
generated	O
a	O
wide	O
variety	O
of	O
responses	O
and	O
analyses	O
.	O
</s>
<s>
Bitcoin	B-Protocol
is	O
a	O
digital	O
asset	O
designed	O
by	O
its	O
inventor	O
,	O
Satoshi	O
Nakamoto	O
,	O
to	O
work	O
as	O
a	O
currency	O
.	O
</s>
<s>
The	O
question	O
whether	O
bitcoin	B-Protocol
is	O
a	O
currency	O
or	O
not	O
is	O
disputed	O
.	O
</s>
<s>
Bitcoins	B-Protocol
have	O
three	O
useful	O
qualities	O
in	O
a	O
currency	O
,	O
according	O
to	O
The	O
Economist	O
in	O
January	O
2015	O
:	O
they	O
are	O
"	O
hard	O
to	O
earn	O
,	O
limited	O
in	O
supply	O
and	O
easy	O
to	O
verify	O
"	O
.	O
</s>
<s>
Economists	O
define	O
money	O
as	O
a	O
store	O
of	O
value	O
,	O
a	O
medium	O
of	O
exchange	O
and	O
a	O
unit	O
of	O
account	O
,	O
and	O
agree	O
that	O
bitcoin	B-Protocol
has	O
some	O
way	O
to	O
go	O
to	O
meet	O
all	O
these	O
criteria	O
.	O
</s>
<s>
It	O
does	O
best	O
as	O
a	O
medium	O
of	O
exchange	O
:	O
,	O
the	O
bitcoin	B-Protocol
market	O
suffered	O
from	O
volatility	O
,	O
limiting	O
the	O
ability	O
of	O
bitcoin	B-Protocol
to	O
act	O
as	O
a	O
stable	O
store	O
of	O
value	O
,	O
and	O
retailers	O
accepting	O
bitcoin	B-Protocol
use	O
other	O
currencies	O
as	O
their	O
principal	O
unit	O
of	O
account	O
.	O
</s>
<s>
Classification	O
of	O
bitcoin	B-Protocol
by	O
the	O
United	O
States	O
government	O
is	O
to	O
date	O
unclear	O
with	O
multiple	O
conflicting	O
rulings	O
.	O
</s>
<s>
In	O
2013	O
Judge	O
Amos	O
L	O
.	O
Mazzant	O
III	O
of	O
the	O
United	O
States	O
District	O
Court	O
for	O
the	O
Eastern	O
District	O
of	O
Texas	O
stated	O
that	O
"	O
Bitcoin	B-Protocol
is	O
a	O
currency	O
or	O
form	O
of	O
money	O
"	O
.	O
</s>
<s>
In	O
July	O
2016	O
,	O
Judge	O
Teresa	O
Mary	O
Pooler	O
of	O
Eleventh	O
Judicial	O
Circuit	O
Court	O
of	O
Florida	O
cleared	O
Michell	O
Espinoza	O
in	O
State	O
of	O
Florida	O
v	O
.	O
Espinoza	O
in	O
money-laundering	O
charges	O
he	O
faced	O
involving	O
his	O
use	O
of	O
bitcoin	B-Protocol
.	O
</s>
<s>
Judge	O
Pooler	O
stated	O
"	O
Bitcoin	B-Protocol
may	O
have	O
some	O
attributes	O
in	O
common	O
with	O
what	O
we	O
commonly	O
refer	O
to	O
as	O
money	O
,	O
but	O
differ	O
in	O
many	O
important	O
aspects	O
,	O
they	O
are	O
certainly	O
not	O
tangible	O
wealth	O
and	O
cannot	O
be	O
hidden	O
under	O
a	O
mattress	O
like	O
cash	O
and	O
gold	O
bars.	O
"	O
</s>
<s>
In	O
September	O
2016	O
,	O
a	O
ruling	O
by	O
Judge	O
Alison	O
J	O
.	O
Nathan	O
of	O
United	O
States	O
District	O
Court	O
for	O
the	O
Southern	O
District	O
of	O
New	O
York	O
contradicted	O
the	O
Florida	O
Espinoza	O
ruling	O
stating	O
"	O
Bitcoins	B-Protocol
are	O
funds	O
within	O
the	O
plain	O
meaning	O
of	O
that	O
term.	O
—	O
Bitcoins	B-Protocol
can	O
be	O
accepted	O
as	O
a	O
payment	O
for	O
goods	O
and	O
services	O
or	O
bought	O
directly	O
from	O
an	O
exchange	O
with	O
a	O
bank	O
account	O
.	O
</s>
<s>
The	O
U.S.	O
Treasury	O
categorizes	O
bitcoin	B-Protocol
as	O
a	O
decentralized	O
virtual	O
currency	O
.	O
</s>
<s>
The	O
Commodity	O
Futures	O
Trading	O
Commission	O
classifies	O
bitcoin	B-Protocol
as	O
a	O
commodity	O
,	O
and	O
the	O
Internal	O
Revenue	O
Service	O
classifies	O
it	O
as	O
an	O
asset	O
.	O
</s>
<s>
The	O
South	O
African	O
Revenue	O
Service	O
,	O
the	O
legislation	O
of	O
Canada	O
,	O
the	O
Ministry	O
of	O
Finance	O
of	O
the	O
Czech	O
Republic	O
and	O
several	O
others	O
classify	O
bitcoin	B-Protocol
as	O
an	O
intangible	O
asset	O
.	O
</s>
<s>
The	O
Bundesbank	O
says	O
that	O
bitcoin	B-Protocol
is	O
not	O
a	O
virtual	O
currency	O
or	O
digital	O
money	O
.	O
</s>
<s>
The	O
People	O
's	O
Bank	O
of	O
China	O
has	O
stated	O
that	O
bitcoin	B-Protocol
"	O
is	O
fundamentally	O
not	O
a	O
currency	O
but	O
an	O
investment	O
target	O
"	O
.	O
</s>
<s>
Journalists	O
and	O
academics	O
also	O
debate	O
what	O
to	O
call	O
bitcoin	B-Protocol
.	O
</s>
<s>
Some	O
media	O
outlets	O
do	O
make	O
a	O
distinction	O
between	O
"	O
real	O
"	O
money	O
and	O
bitcoins	B-Protocol
,	O
while	O
others	O
call	O
bitcoin	B-Protocol
real	O
money	O
.	O
</s>
<s>
In	O
addition	O
to	O
the	O
above	O
,	O
bitcoin	B-Protocol
is	O
also	O
characterized	O
as	O
a	O
payment	O
system	O
.	O
</s>
<s>
According	O
to	O
research	O
produced	O
by	O
Cambridge	O
University	O
in	O
2017	O
,	O
there	O
are	O
between	O
2.9	O
million	O
and	O
5.8	O
million	O
unique	O
users	O
actively	O
using	O
a	O
cryptocurrency	B-Protocol
wallet	I-Protocol
,	O
most	O
of	O
them	O
using	O
bitcoin	B-Protocol
.	O
</s>
<s>
Bitcoins	B-Protocol
can	O
be	O
bought	O
and	O
sold	O
both	O
on	O
-	O
and	O
offline	O
.	O
</s>
<s>
Participants	O
in	O
online	O
exchanges	O
offer	O
bitcoin	B-Protocol
buy	O
and	O
sell	O
bids	O
.	O
</s>
<s>
Using	O
an	O
online	O
exchange	O
to	O
obtain	O
bitcoins	B-Protocol
entails	O
some	O
risk	O
,	O
and	O
,	O
according	O
to	O
a	O
study	O
published	O
in	O
April	O
2013	O
,	O
45%	O
of	O
exchanges	O
fail	O
and	O
take	O
client	O
bitcoins	B-Protocol
with	O
them	O
.	O
</s>
<s>
Offline	O
,	O
bitcoins	B-Protocol
may	O
be	O
purchased	O
directly	O
from	O
an	O
individual	O
or	O
at	O
a	O
bitcoin	B-Protocol
ATM	O
.	O
</s>
<s>
Bitcoin	B-Protocol
machines	O
are	O
not	O
however	O
traditional	O
ATMs	O
.	O
</s>
<s>
Bitcoin	B-Protocol
kiosks	O
are	O
machines	O
connected	O
to	O
the	O
Internet	O
,	O
allowing	O
the	O
insertion	O
of	O
cash	O
in	O
exchange	O
for	O
bitcoins	B-Protocol
.	O
</s>
<s>
Bitcoin	B-Protocol
kiosks	O
do	O
not	O
connect	O
to	O
a	O
bank	O
and	O
may	O
also	O
charge	O
transaction	O
fees	O
as	O
high	O
as	O
7%	O
and	O
exchange	O
rates	O
US$50	O
over	O
rates	O
from	O
elsewhere	O
.	O
</s>
<s>
As	O
of	O
2016	O
it	O
was	O
estimated	O
there	O
were	O
over	O
800	O
bitcoin	B-Protocol
ATMs	O
operating	O
globally	O
,	O
the	O
majority	O
(	O
500+	O
)	O
being	O
in	O
the	O
United	O
States	O
.	O
</s>
<s>
According	O
to	O
Mark	O
T	O
.	O
Williams	O
,	O
,	O
bitcoin	B-Protocol
has	O
volatility	O
seven	O
times	O
greater	O
than	O
gold	O
,	O
eight	O
times	O
greater	O
than	O
the	O
S&P	O
500	O
,	O
and	O
18	O
times	O
greater	O
than	O
the	O
U.S.	O
dollar	O
.	O
</s>
<s>
The	O
Bitcoin	B-Protocol
Foundation	O
contends	O
that	O
high	O
volatility	O
is	O
due	O
to	O
insufficient	O
liquidity	O
,	O
while	O
a	O
Forbes	O
journalist	O
claims	O
that	O
it	O
is	O
related	O
to	O
the	O
uncertainty	O
of	O
its	O
long-term	O
value	O
,	O
and	O
the	O
high	O
volatility	O
of	O
a	O
startup	O
currency	O
makes	O
sense	O
,	O
"	O
because	O
people	O
are	O
still	O
experimenting	O
with	O
the	O
currency	O
to	O
figure	O
out	O
how	O
useful	O
it	O
is.	O
"	O
</s>
<s>
As	O
of	O
2014	O
,	O
pro-bitcoin	O
venture	O
capitalists	O
argued	O
that	O
the	O
greatly	O
increased	O
trading	O
volume	O
that	O
planned	O
high-frequency	O
trading	O
exchanges	O
would	O
generate	O
is	O
needed	O
to	O
decrease	O
price	O
volatility	O
.	O
</s>
<s>
The	O
price	O
of	O
bitcoins	B-Protocol
has	O
gone	O
through	O
various	O
cycles	O
of	O
appreciation	O
and	O
depreciation	O
referred	O
to	O
by	O
some	O
as	O
bubbles	O
and	O
busts	O
.	O
</s>
<s>
In	O
2011	O
,	O
the	O
value	O
of	O
one	O
bitcoin	B-Protocol
rapidly	O
rose	O
from	O
about	O
US	O
$0.30	O
to	O
US$32	O
before	O
returning	O
to	O
US$2	O
.	O
</s>
<s>
In	O
the	O
latter	O
half	O
of	O
2012	O
and	O
during	O
the	O
2012	O
–	O
13	O
Cypriot	O
financial	O
crisis	O
,	O
the	O
bitcoin	B-Protocol
price	O
began	O
to	O
rise	O
,	O
reaching	O
a	O
high	O
of	O
US$266	O
on	O
10	O
April	O
2013	O
,	O
before	O
crashing	O
to	O
around	O
US$50	O
.	O
</s>
<s>
On	O
29	O
November	O
2013	O
,	O
the	O
cost	O
of	O
one	O
bitcoin	B-Protocol
rose	O
to	O
the	O
all-time	O
peak	O
of	O
US$	O
1,242	O
.	O
</s>
<s>
Some	O
evidence	O
suggests	O
that	O
part	O
of	O
this	O
peak	O
in	O
the	O
price	O
of	O
bitcoin	B-Protocol
was	O
due	O
to	O
price	O
manipulation	O
.	O
</s>
<s>
In	O
January	O
2015	O
,	O
noting	O
that	O
the	O
bitcoin	B-Protocol
price	O
had	O
dropped	O
to	O
its	O
lowest	O
level	O
since	O
spring	O
2013	O
–	O
around	O
US$224	O
–	O
The	O
New	O
York	O
Times	O
suggested	O
that	O
"[w]ith	O
no	O
signs	O
of	O
a	O
rally	O
in	O
the	O
offing	O
,	O
the	O
industry	O
is	O
bracing	O
for	O
the	O
effects	O
of	O
a	O
prolonged	O
decline	O
in	O
prices	O
.	O
</s>
<s>
In	O
particular	O
,	O
bitcoin	B-Protocol
mining	O
companies	O
,	O
which	O
are	O
essential	O
to	O
the	O
currency	O
's	O
underlying	O
technology	O
,	O
are	O
flashing	O
warning	O
signs.	O
"	O
</s>
<s>
Also	O
in	O
January	O
2015	O
,	O
Business	O
Insider	O
reported	O
that	O
deep	O
web	O
drug	O
dealers	O
were	O
"	O
freaking	O
out	O
"	O
as	O
they	O
lost	O
profits	O
through	O
being	O
unable	O
to	O
convert	O
bitcoin	B-Protocol
revenue	O
to	O
cash	O
quickly	O
enough	O
as	O
the	O
price	O
declined	O
–	O
and	O
that	O
there	O
was	O
a	O
danger	O
that	O
dealers	O
selling	O
reserves	O
to	O
stay	O
in	O
business	O
might	O
force	O
the	O
bitcoin	B-Protocol
price	O
down	O
further	O
.	O
</s>
<s>
Economic	O
theory	O
suggests	O
that	O
the	O
volatility	O
of	O
the	O
price	O
of	O
bitcoin	B-Protocol
will	O
drop	O
when	O
business	O
and	O
consumer	O
usage	O
of	O
bitcoin	B-Protocol
increases	O
.	O
</s>
<s>
According	O
to	O
The	O
Wall	O
Street	O
Journal	O
,	O
,	O
bitcoin	B-Protocol
is	O
starting	O
to	O
look	O
slightly	O
more	O
stable	O
than	O
gold	O
.	O
</s>
<s>
On	O
3	O
March	O
2017	O
,	O
the	O
price	O
of	O
one	O
bitcoin	B-Protocol
has	O
surpassed	O
the	O
value	O
of	O
an	O
ounce	O
of	O
gold	O
for	O
the	O
first	O
time	O
and	O
its	O
price	O
surged	O
to	O
an	O
all-time	O
high	O
.	O
</s>
<s>
A	O
study	O
in	O
Electronic	O
Commerce	O
Research	O
and	O
Applications	O
,	O
going	O
back	O
though	O
the	O
network	O
's	O
historical	O
data	O
,	O
showed	O
the	O
value	O
of	O
the	O
bitcoin	B-Protocol
network	O
as	O
measured	O
by	O
the	O
price	O
of	O
bitcoins	B-Protocol
,	O
to	O
be	O
roughly	O
proportional	O
to	O
the	O
square	O
of	O
the	O
number	O
of	O
daily	O
unique	O
users	O
participating	O
on	O
the	O
network	O
.	O
</s>
<s>
Bitcoin	B-Protocol
has	O
been	O
characterized	O
as	O
a	O
speculative	O
bubble	O
by	O
eight	O
laureates	O
of	O
the	O
Nobel	O
Memorial	O
Prize	O
in	O
Economic	O
Sciences	O
:	O
Paul	O
Krugman	O
,	O
Robert	O
J	O
.	O
Shiller	O
,	O
Joseph	O
Stiglitz	O
,	O
Richard	O
Thaler	O
,	O
James	O
Heckman	O
,	O
Thomas	O
Sargent	O
,	O
Angus	O
Deaton	O
,	O
and	O
Oliver	O
Hart	O
;	O
and	O
by	O
central	O
bank	O
officials	O
including	O
Alan	O
Greenspan	O
,	O
Ben	O
Bernanke	O
,	O
Janet	O
Yellen	O
,	O
Agustín	O
Carstens	O
,	O
Vítor	O
Constâncio	O
,	O
and	O
Nout	O
Wellink	O
.	O
</s>
<s>
In	O
2014	O
,	O
Nobel	O
laureate	O
Robert	O
J	O
.	O
Shiller	O
stated	O
that	O
bitcoin	B-Protocol
"	O
exhibited	O
many	O
of	O
the	O
characteristics	O
of	O
a	O
speculative	O
bubble	O
"	O
;	O
in	O
2017	O
,	O
Shiller	O
wrote	O
that	O
bitcoin	B-Protocol
was	O
the	O
best	O
current	O
example	O
of	O
a	O
speculative	O
bubble	O
.	O
</s>
<s>
Economist	O
John	O
Quiggin	O
in	O
2013	O
said	O
"	O
bitcoins	B-Protocol
are	O
the	O
most	O
demonstrably	O
valueless	O
financial	O
asset	O
ever	O
created	O
"	O
.	O
</s>
<s>
Nobel	O
laureate	O
Paul	O
Krugman	O
wrote	O
in	O
2018	O
that	O
bitcoin	B-Protocol
is	O
"	O
a	O
bubble	O
wrapped	O
in	O
techno-mysticism	O
inside	O
a	O
cocoon	O
of	O
libertarian	O
ideology	O
"	O
.	O
</s>
<s>
Nobel	O
laureate	O
Richard	O
Thaler	O
emphasizes	O
the	O
irrationality	O
in	O
the	O
bitcoin	B-Protocol
market	O
that	O
has	O
led	O
to	O
the	O
bubble	O
,	O
demonstrating	O
the	O
irrationality	O
with	O
the	O
example	O
of	O
firms	O
that	O
have	O
added	O
the	O
word	O
blockchain	B-Application
to	O
their	O
names	O
which	O
have	O
then	O
had	O
large	O
increases	O
in	O
their	O
stock	O
price	O
.	O
</s>
<s>
The	O
extremely	O
high	O
volatility	O
in	O
bitcoin	B-Protocol
's	O
price	O
also	O
is	O
due	O
to	O
irrationality	O
according	O
to	O
Thaler	O
.	O
</s>
<s>
Four	O
Nobel	O
laureates	O
,	O
James	O
Heckman	O
,	O
Thomas	O
Sargent	O
,	O
Angus	O
Deaton	O
,	O
and	O
Oliver	O
Hart	O
,	O
characterized	O
bitcoin	B-Protocol
as	O
a	O
bubble	O
at	O
a	O
joint	O
press	O
conference	O
in	O
2018	O
.	O
</s>
<s>
Hart	O
cited	O
Christopher	O
Sims	O
's	O
work	O
showing	O
no	O
intrinsic	O
value	O
to	O
bitcoin	B-Protocol
.	O
</s>
<s>
Heckman	O
compared	O
bitcoin	B-Protocol
to	O
the	O
tulip	O
bubble	O
.	O
</s>
<s>
Deaton	O
pointed	O
to	O
bitcoin	B-Protocol
's	O
use	O
by	O
criminals	O
.	O
</s>
<s>
Professor	O
Nouriel	O
Roubini	O
of	O
New	O
York	O
University	O
has	O
called	O
bitcoin	B-Protocol
the	O
"	O
mother	O
of	O
all	O
bubbles	O
"	O
,	O
writing	O
that	O
the	O
underlying	O
blockchain	B-Application
technology	I-Application
has	O
"	O
massive	O
obstacles	O
standing	O
in	O
its	O
way	O
"	O
,	O
including	O
a	O
lack	O
of	O
"	O
common	O
and	O
universal	O
protocols	O
"	O
of	O
the	O
kind	O
that	O
enabled	O
the	O
early	O
Internet	O
.	O
</s>
<s>
According	O
to	O
Roubini	O
,	O
bitcoin	B-Protocol
has	O
failed	O
as	O
a	O
unit	O
of	O
account	O
,	O
a	O
means	O
of	O
payment	O
,	O
and	O
as	O
a	O
store	O
of	O
value	O
;	O
he	O
calls	O
the	O
claim	O
that	O
bitcoin	B-Protocol
cannot	O
be	O
debased	O
"	O
fraudulent	O
"	O
.	O
</s>
<s>
Early	O
claims	O
that	O
bitcoin	B-Protocol
was	O
a	O
bubble	O
focused	O
on	O
the	O
lack	O
of	O
any	O
intrinsic	O
value	O
of	O
bitcoin	B-Protocol
.	O
</s>
<s>
He	O
stated	O
"	O
You	O
really	O
have	O
to	O
stretch	O
your	O
imagination	O
to	O
infer	O
what	O
the	O
intrinsic	O
value	O
of	O
Bitcoin	B-Protocol
is	O
.	O
</s>
<s>
In	O
2017	O
Greenspan	O
compared	O
bitcoin	B-Protocol
to	O
the	O
Continental	O
dollar	O
,	O
which	O
ultimately	O
collapsed	O
.	O
</s>
<s>
Former	O
Fed	O
Chair	O
Ben	O
Bernanke	O
(	O
in	O
2015	O
)	O
and	O
outgoing	O
Fed	O
Chair	O
Janet	O
Yellen	O
(	O
in	O
2017	O
)	O
have	O
both	O
expressed	O
concerns	O
about	O
the	O
stability	O
of	O
bitcoin	B-Protocol
's	O
price	O
and	O
its	O
lack	O
of	O
use	O
as	O
a	O
medium	O
of	O
transactions	O
.	O
</s>
<s>
Agustín	O
Carstens	O
,	O
head	O
of	O
the	O
Bank	O
of	O
International	O
Settlements	O
,	O
has	O
called	O
bitcoin	B-Protocol
"	O
a	O
combination	O
of	O
a	O
bubble	O
,	O
a	O
Ponzi	O
scheme	O
and	O
an	O
environmental	O
disaster	O
"	O
,	O
and	O
warned	O
of	O
cryptocurrencies	O
undermining	O
public	O
trust	O
in	O
the	O
financial	O
system	O
.	O
</s>
<s>
David	O
Andolfatto	O
,	O
a	O
vice	O
president	O
at	O
the	O
Federal	O
Reserve	O
Bank	O
of	O
St.	O
Louis	O
,	O
stated	O
,	O
"	O
Is	O
bitcoin	B-Protocol
a	O
bubble	O
?	O
</s>
<s>
According	O
to	O
Andolfatto	O
,	O
the	O
price	O
of	O
bitcoin	B-Protocol
"	O
consists	O
purely	O
of	O
a	O
bubble	O
"	O
.	O
</s>
<s>
Comparisons	O
of	O
bitcoin	B-Protocol
to	O
the	O
tulip	O
mania	O
of	O
seventeenth-century	O
Holland	O
have	O
been	O
made	O
by	O
the	O
vice-president	O
of	O
the	O
European	O
Central	O
Bank	O
,	O
Vítor	O
Constâncio	O
and	O
by	O
former	O
president	O
of	O
the	O
Dutch	O
Central	O
Bank	O
,	O
Nout	O
Wellink	O
.	O
</s>
<s>
American	O
investor	O
Warren	O
Buffett	O
warned	O
investors	O
about	O
bitcoin	B-Protocol
in	O
2014	O
,	O
"	O
Stay	O
away	O
from	O
it	O
.	O
</s>
<s>
He	O
repeated	O
the	O
warning	O
in	O
2018	O
calling	O
bitcoin	B-Protocol
"	O
probably	O
rat	O
poison	O
squared	O
"	O
.	O
</s>
<s>
He	O
believes	O
that	O
bitcoin	B-Protocol
is	O
a	O
non-productive	O
asset	O
.	O
</s>
<s>
Bitcoin	B-Protocol
is	O
"	O
worthless	O
"	O
and	O
a	O
"	O
turd	O
"	O
.	O
</s>
<s>
John	O
Bogle	O
,	O
the	O
founder	O
of	O
The	O
Vanguard	O
Group	O
,	O
is	O
also	O
very	O
direct	O
"	O
Avoid	O
bitcoin	B-Protocol
like	O
the	O
plague	O
.	O
</s>
<s>
There	O
is	O
nothing	O
to	O
support	O
bitcoin	B-Protocol
except	O
the	O
hope	O
that	O
you	O
will	O
sell	O
it	O
to	O
someone	O
for	O
more	O
than	O
you	O
paid	O
for	O
it.	O
"	O
</s>
<s>
James	O
Chanos	O
,	O
known	O
as	O
the	O
"	O
dean	O
of	O
the	O
short	O
sellers	O
"	O
,	O
believes	O
that	O
bitcoin	B-Protocol
and	O
other	O
cryptocurrencies	O
are	O
a	O
mania	O
and	O
useful	O
only	O
for	O
tax	O
avoidance	O
or	O
otherwise	O
hiding	O
income	O
from	O
the	O
government	O
.	O
</s>
<s>
Bitcoin	B-Protocol
"	O
is	O
simply	O
a	O
security	O
speculation	O
game	O
masquerading	O
as	O
a	O
technological	O
breakthrough	O
in	O
monetary	O
policy	O
"	O
.	O
</s>
<s>
Two	O
lead	O
software	O
developers	O
of	O
bitcoin	B-Protocol
,	O
Gavin	O
Andresen	O
and	O
Mike	O
Hearn	O
,	O
have	O
warned	O
that	O
bubbles	O
may	O
occur	O
.	O
</s>
<s>
On	O
13	O
September	O
2017	O
,	O
Jamie	O
Dimon	O
referred	O
to	O
bitcoin	B-Protocol
to	O
as	O
a	O
"	O
fraud	O
"	O
,	O
comparing	O
it	O
to	O
pyramid	O
schemes	O
,	O
and	O
stated	O
that	O
JPMorgan	O
Chase	O
would	O
fire	O
employees	O
trading	O
while	O
the	O
company	O
released	O
a	O
report	O
critical	O
of	O
the	O
cryptocurrency	O
.	O
</s>
<s>
However	O
,	O
in	O
a	O
January	O
2018	O
interview	O
Jamie	O
Dimon	O
voiced	O
regrets	O
about	O
his	O
earlier	O
bitcoin	B-Protocol
remarks	O
,	O
and	O
noted	O
"	O
The	O
blockchain	B-Application
is	O
real	O
,	O
You	O
can	O
have	O
cryptodollars	O
in	O
yen	O
and	O
stuff	O
like	O
that	O
.	O
</s>
<s>
Alibaba	O
chairman	O
Jack	O
Ma	O
stated	O
in	O
2018	O
,	O
"	O
There	O
is	O
no	O
bubble	O
for	O
blockchain	B-Application
,	O
but	O
there	O
's	O
a	O
bitcoin	B-Protocol
bubble	O
"	O
and	O
"[blockchain]	O
technology	O
itself	O
is	O
n’t	O
the	O
bubble	O
,	O
but	O
bitcoin	B-Protocol
likely	O
is	O
"	O
.	O
</s>
<s>
Some	O
journalists	O
,	O
economists	O
,	O
and	O
the	O
central	O
bank	O
of	O
Estonia	O
have	O
voiced	O
concerns	O
that	O
bitcoin	B-Protocol
is	O
a	O
Ponzi	O
scheme	O
.	O
</s>
<s>
In	O
2013	O
,	O
Eric	O
Posner	O
,	O
a	O
law	O
professor	O
at	O
the	O
University	O
of	O
Chicago	O
,	O
stated	O
that	O
"	O
a	O
real	O
Ponzi	O
scheme	O
takes	O
fraud	O
;	O
bitcoin	B-Protocol
,	O
by	O
contrast	O
,	O
seems	O
more	O
like	O
a	O
collective	O
delusion.	O
"	O
</s>
<s>
In	O
2014	O
reports	O
by	O
both	O
the	O
World	O
Bank	O
and	O
the	O
Swiss	O
Federal	O
Council	O
examined	O
the	O
concerns	O
and	O
came	O
to	O
the	O
conclusion	O
that	O
bitcoin	B-Protocol
is	O
not	O
a	O
Ponzi	O
scheme	O
.	O
</s>
<s>
In	O
2017	O
billionaire	O
Howard	O
Marks	O
referred	O
to	O
bitcoin	B-Protocol
as	O
a	O
pyramid	O
scheme	O
.	O
</s>
<s>
On	O
12	O
September	O
2017	O
,	O
Jamie	O
Dimon	O
,	O
CEO	O
of	O
JPMorgan	O
Chase	O
,	O
called	O
bitcoin	B-Protocol
a	O
"	O
fraud	O
"	O
and	O
said	O
he	O
would	O
fire	O
anyone	O
in	O
his	O
firm	O
caught	O
trading	O
it	O
.	O
</s>
<s>
Zero	O
Hedge	O
claimed	O
that	O
the	O
same	O
day	O
Dimon	O
made	O
his	O
statement	O
,	O
JP	O
Morgan	O
also	O
purchased	O
a	O
large	O
amount	O
of	O
bitcoins	B-Protocol
for	O
its	O
clients	O
.	O
</s>
<s>
Financial	O
journalists	O
and	O
analysts	O
,	O
economists	O
,	O
and	O
investors	O
have	O
attempted	O
to	O
predict	O
the	O
possible	O
future	O
value	O
of	O
bitcoin	B-Protocol
.	O
</s>
<s>
In	O
April	O
2013	O
,	O
economist	O
John	O
Quiggin	O
stated	O
,	O
"	O
bitcoins	B-Protocol
will	O
attain	O
their	O
true	O
value	O
of	O
zero	O
sooner	O
or	O
later	O
,	O
but	O
it	O
is	O
impossible	O
to	O
say	O
when	O
"	O
.	O
</s>
<s>
In	O
December	O
2013	O
,	O
finance	O
professor	O
Mark	O
T	O
.	O
Williams	O
forecast	O
that	O
bitcoin	B-Protocol
would	O
trade	O
for	O
less	O
than	O
$10	O
by	O
mid-year	O
2014	O
.	O
</s>
<s>
In	O
the	O
indicated	O
period	O
bitcoin	B-Protocol
has	O
exchanged	O
as	O
low	O
as	O
$344	O
(	O
April	O
2014	O
)	O
and	O
during	O
July	O
2014	O
the	O
bitcoin	B-Protocol
low	O
was	O
$609	O
.	O
</s>
<s>
In	O
November	O
2014	O
,	O
David	O
Yermack	O
,	O
Professor	O
of	O
Finance	O
at	O
New	O
York	O
University	O
Stern	O
School	O
of	O
Business	O
,	O
forecast	O
that	O
in	O
November	O
2015	O
bitcoin	B-Protocol
may	O
be	O
all	O
but	O
worthless	O
.	O
</s>
<s>
In	O
the	O
indicated	O
period	O
bitcoin	B-Protocol
has	O
exchanged	O
as	O
low	O
as	O
$176.50	O
(	O
January	O
2015	O
)	O
and	O
during	O
November	O
2015	O
the	O
bitcoin	B-Protocol
low	O
was	O
$309.90	O
.	O
</s>
<s>
In	O
May	O
2013	O
,	O
Bank	O
of	O
America	O
FX	O
and	O
Rate	O
Strategist	O
David	O
Woo	O
forecast	O
a	O
maximum	O
fair	O
value	O
per	O
bitcoin	B-Protocol
of	O
$	O
1,300	O
.	O
</s>
<s>
Bitcoin	B-Protocol
investor	O
Cameron	O
Winklevoss	O
stated	O
in	O
December	O
2013	O
that	O
the	O
"	O
small	O
bull	O
case	O
scenario	O
for	O
bitcoin	B-Protocol
is	O
...	O
40,000	O
USD	O
a	O
coin	O
"	O
.	O
</s>
<s>
The	O
"	O
death	O
"	O
of	O
bitcoin	B-Protocol
has	O
been	O
proclaimed	O
numerous	O
times	O
.	O
</s>
<s>
Forbes	O
magazine	O
declared	O
bitcoin	B-Protocol
"	O
dead	O
"	O
in	O
June	O
2011	O
,	O
followed	O
by	O
Gizmodo	O
Australia	O
in	O
August	O
2011	O
.	O
</s>
<s>
Ouishare	O
Magazine	O
declared	O
,	O
"	O
game	O
over	O
,	O
bitcoin	B-Protocol
"	O
in	O
May	O
2013	O
,	O
and	O
New	O
York	O
Magazine	O
stated	O
bitcoin	B-Protocol
was	O
"	O
on	O
its	O
path	O
to	O
grave	O
"	O
in	O
June	O
2013	O
.	O
</s>
<s>
Reuters	O
published	O
an	O
"	O
obituary	O
"	O
for	O
bitcoin	B-Protocol
in	O
January	O
2014	O
.	O
</s>
<s>
Street	O
Insider	O
declared	O
bitcoin	B-Protocol
"	O
dead	O
"	O
in	O
February	O
2014	O
,	O
followed	O
by	O
The	O
Weekly	O
Standard	O
in	O
March	O
2014	O
,	O
Salon	O
in	O
March	O
2014	O
,	O
Vice	O
News	O
in	O
March	O
2014	O
,	O
and	O
Financial	O
Times	O
in	O
September	O
2014	O
.	O
</s>
<s>
In	O
January	O
2015	O
,	O
USA	O
Today	O
stated	O
bitcoin	B-Protocol
was	O
"	O
headed	O
to	O
the	O
ash	O
heap	O
"	O
,	O
and	O
The	O
Telegraph	O
declared	O
"	O
the	O
end	O
of	O
bitcoin	B-Protocol
experiment	O
"	O
.	O
</s>
<s>
In	O
January	O
2016	O
,	O
former	O
bitcoin	B-Protocol
developer	O
Mike	O
Hearn	O
called	O
bitcoin	B-Protocol
a	O
"	O
failed	O
project	O
"	O
.	O
</s>
<s>
Peter	O
Greenhill	O
,	O
Director	O
of	O
E-Business	O
Development	O
for	O
the	O
Isle	O
of	O
Man	O
,	O
commenting	O
on	O
the	O
obituaries	O
paraphrased	O
Mark	O
Twain	O
saying	O
"	O
reports	O
of	O
bitcoin	B-Protocol
's	O
death	O
have	O
been	O
greatly	O
exaggerated	O
"	O
.	O
</s>
<s>
Some	O
economists	O
have	O
responded	O
positively	O
to	O
bitcoin	B-Protocol
while	O
others	O
have	O
expressed	O
skepticism	O
.	O
</s>
<s>
Paul	O
Krugman	O
and	O
Brad	O
DeLong	O
have	O
found	O
fault	O
with	O
bitcoin	B-Protocol
,	O
questioning	O
why	O
it	O
should	O
act	O
as	O
a	O
reasonably	O
stable	O
store	O
of	O
value	O
or	O
whether	O
there	O
is	O
a	O
floor	O
on	O
its	O
value	O
.	O
</s>
<s>
Economist	O
John	O
Quiggin	O
has	O
criticized	O
bitcoin	B-Protocol
as	O
"	O
the	O
final	O
refutation	O
of	O
the	O
efficient-market	O
hypothesis	O
"	O
.	O
</s>
<s>
David	O
Andolfatto	O
,	O
Vice	O
President	O
at	O
the	O
Federal	O
Reserve	O
Bank	O
of	O
St.	O
Louis	O
,	O
stated	O
that	O
bitcoin	B-Protocol
is	O
a	O
threat	O
to	O
the	O
establishment	O
,	O
which	O
he	O
argues	O
is	O
a	O
good	O
thing	O
for	O
the	O
Federal	O
Reserve	O
System	O
and	O
other	O
central	O
banks	O
,	O
because	O
it	O
prompts	O
these	O
institutions	O
to	O
operate	O
sound	O
policies	O
.	O
</s>
<s>
PayPal	O
President	O
David	O
A	O
.	O
Marcus	O
calls	O
bitcoin	B-Protocol
a	O
"	O
great	O
place	O
to	O
put	O
assets	O
"	O
but	O
claims	O
it	O
will	O
not	O
be	O
a	O
currency	O
until	O
price	O
volatility	O
is	O
reduced	O
.	O
</s>
<s>
Bill	O
Gates	O
,	O
in	O
relation	O
to	O
the	O
cost	O
of	O
moving	O
money	O
from	O
place	O
to	O
place	O
in	O
an	O
interview	O
for	O
Bloomberg	O
L.P.	O
stated	O
:	O
"	O
Bitcoin	B-Protocol
is	O
exciting	O
because	O
it	O
shows	O
how	O
cheap	O
it	O
can	O
be.	O
"	O
</s>
<s>
In	O
November	O
2013	O
,	O
three	O
US	O
government	O
officials	O
testified	O
at	O
senate	O
hearings	O
that	O
"	O
Bitcoin	B-Protocol
has	O
legitimate	O
uses	O
"	O
.	O
</s>
<s>
Most	O
bitcoin	B-Protocol
transactions	O
take	O
place	O
on	O
a	O
cryptocurrency	O
exchange	O
,	O
rather	O
than	O
being	O
used	O
in	O
transactions	O
with	O
merchants	O
.	O
</s>
<s>
Delays	O
processing	O
payments	O
through	O
the	O
blockchain	B-Application
of	O
about	O
ten	O
minutes	O
make	O
bitcoin	B-Protocol
use	O
very	O
difficult	O
in	O
a	O
retail	O
setting	O
.	O
</s>
<s>
Prices	O
are	O
not	O
usually	O
quoted	O
in	O
units	O
of	O
bitcoin	B-Protocol
and	O
many	O
trades	O
involve	O
one	O
,	O
or	O
sometimes	O
two	O
,	O
conversions	O
into	O
conventional	O
currencies	O
.	O
</s>
<s>
Merchants	O
that	O
do	O
accept	O
bitcoin	B-Protocol
payments	O
may	O
use	O
payment	O
service	O
providers	O
to	O
perform	O
the	O
conversions	O
.	O
</s>
<s>
In	O
2017	O
and	O
2018	O
bitcoin	B-Protocol
's	O
acceptance	O
among	O
major	O
online	O
retailers	O
included	O
only	O
three	O
of	O
the	O
top	O
500	O
U.S.	O
online	O
merchants	O
,	O
down	O
from	O
five	O
in	O
2016	O
.	O
</s>
<s>
Reasons	O
for	O
this	O
decline	O
include	O
high	O
transaction	O
fees	O
due	O
to	O
bitcoin	B-Protocol
's	O
scalability	O
issues	O
and	O
long	O
transaction	O
times	O
.	O
</s>
<s>
Bitcoin	B-Protocol
is	O
"	O
not	O
actually	O
usable	O
"	O
for	O
retail	O
transactions	O
because	O
of	O
high	O
costs	O
and	O
the	O
inability	O
to	O
process	O
chargebacks	O
,	O
according	O
to	O
Nicholas	O
Weaver	O
,	O
a	O
researcher	O
quoted	O
by	O
Bloomberg	O
.	O
</s>
<s>
High	O
price	O
volatility	O
and	O
transaction	O
fees	O
make	O
paying	O
for	O
small	O
retail	O
purchases	O
with	O
bitcoin	B-Protocol
impractical	O
,	O
according	O
to	O
economist	O
Kim	O
Grauer	O
.	O
</s>
<s>
Bitcoin	B-Protocol
started	O
to	O
be	O
accepted	O
also	O
for	O
real	O
estate	O
payments	O
in	O
late	O
2017	O
.	O
</s>
<s>
The	O
first	O
recorded	O
sale	O
of	O
a	O
house	O
in	O
exchange	O
for	O
bitcoin	B-Protocol
happened	O
in	O
September	O
2017	O
,	O
when	O
Texas	O
based	O
Kuper	O
Sotheby	O
's	O
International	O
Realty	O
brokered	O
the	O
deal	O
using	O
bitpay.com	O
to	O
process	O
the	O
payment	O
.	O
</s>
<s>
Two	O
months	O
later	O
,	O
a	O
first	O
recorded	O
sale	O
of	O
apartment	O
in	O
the	O
world	O
and	O
first	O
real	O
estate	O
property	O
in	O
Europe	O
was	O
sold	O
for	O
bitcoin	B-Protocol
in	O
November	O
2017	O
in	O
the	O
Czech	O
republic	O
.	O
</s>
<s>
Some	O
U.S.	O
political	O
candidates	O
,	O
including	O
New	O
York	O
City	O
Democratic	O
Congressional	O
candidate	O
Jeff	O
Kurzon	O
have	O
said	O
they	O
would	O
accept	O
campaign	O
donations	O
in	O
bitcoin	B-Protocol
.	O
</s>
<s>
Merchants	O
accepting	O
bitcoin	B-Protocol
,	O
such	O
as	O
Dish	O
Network	O
,	O
use	O
the	O
services	O
of	O
bitcoin	B-Protocol
payment	O
service	O
providers	O
such	O
as	O
BitPay	O
or	O
Coinbase	O
.	O
</s>
<s>
When	O
a	O
customer	O
pays	O
in	O
bitcoin	B-Protocol
,	O
the	O
payment	O
service	O
provider	O
accepts	O
the	O
bitcoin	B-Protocol
on	O
behalf	O
of	O
the	O
merchant	O
,	O
directly	O
converts	O
it	O
,	O
and	O
sends	O
the	O
obtained	O
amount	O
to	O
merchant	O
's	O
bank	O
account	O
,	O
charging	O
a	O
fee	O
of	O
less	O
than	O
1	O
percent	O
for	O
the	O
service	O
.	O
</s>
<s>
Due	O
to	O
the	O
design	O
of	O
bitcoin	B-Protocol
,	O
all	O
retail	O
figures	O
are	O
only	O
estimates	O
.	O
</s>
<s>
According	O
to	O
Tim	O
Swanson	O
,	O
head	O
of	O
business	O
development	O
at	O
a	O
Hong	O
Kong-based	O
cryptocurrency	O
technology	O
company	O
,	O
in	O
2014	O
,	O
daily	O
retail	O
purchases	O
made	O
with	O
bitcoin	B-Protocol
were	O
worth	O
about	O
$2.3	O
million	O
.	O
</s>
<s>
MIT	O
Technology	O
review	O
estimates	O
that	O
,	O
,	O
fewer	O
than	O
5,000	O
bitcoins	B-Protocol
per	O
day	O
(	O
worth	O
roughly	O
$1.2	O
million	O
at	O
the	O
time	O
)	O
were	O
being	O
used	O
for	O
retail	O
transactions	O
,	O
and	O
concludes	O
that	O
in	O
2014	O
"	O
it	O
appears	O
there	O
has	O
been	O
very	O
little	O
if	O
any	O
increase	O
in	O
retail	O
purchases	O
using	O
bitcoin.	O
"	O
</s>
<s>
Bitcoin	B-Protocol
companies	O
have	O
had	O
difficulty	O
opening	O
traditional	O
bank	O
accounts	O
because	O
lenders	O
have	O
been	O
leery	O
of	O
bitcoin	B-Protocol
's	O
links	O
to	O
illicit	O
activity	O
.	O
</s>
<s>
According	O
to	O
Antonio	O
Gallippi	O
,	O
a	O
co-founder	O
of	O
BitPay	O
,	O
"	O
banks	O
are	O
scared	O
to	O
deal	O
with	O
bitcoin	B-Protocol
companies	O
,	O
even	O
if	O
they	O
really	O
want	O
to	O
"	O
.	O
</s>
<s>
In	O
2014	O
,	O
the	O
National	O
Australia	O
Bank	O
closed	O
accounts	O
of	O
businesses	O
with	O
ties	O
to	O
bitcoin	B-Protocol
,	O
and	O
HSBC	O
refused	O
to	O
serve	O
a	O
hedge	O
fund	O
with	O
links	O
to	O
bitcoin	B-Protocol
.	O
</s>
<s>
Nonetheless	O
,	O
Australian	O
banks	O
have	O
adopted	O
the	O
blockchain	B-Application
technology	I-Application
on	O
which	O
bitcoin	B-Protocol
is	O
based	O
.	O
</s>
<s>
In	O
September	O
2019	O
the	O
Central	O
Bank	O
of	O
Venezuela	O
,	O
at	O
the	O
request	O
of	O
PDVSA	O
,	O
ran	O
tests	O
to	O
determine	O
if	O
bitcoin	B-Protocol
and	O
Ethereum	B-Application
could	O
be	O
held	O
in	O
central	O
bank	O
's	O
reserves	O
.	O
</s>
<s>
Some	O
Argentinians	O
have	O
bought	O
bitcoins	B-Protocol
to	O
protect	O
their	O
savings	O
against	O
high	O
inflation	O
or	O
the	O
possibility	O
that	O
governments	O
could	O
confiscate	O
savings	O
accounts	O
.	O
</s>
<s>
During	O
the	O
2012	O
–	O
2013	O
Cypriot	O
financial	O
crisis	O
,	O
bitcoin	B-Protocol
purchases	O
in	O
Cyprus	O
rose	O
due	O
to	O
fears	O
that	O
savings	O
accounts	O
would	O
be	O
confiscated	O
or	O
taxed	O
.	O
</s>
<s>
Other	O
methods	O
of	O
investment	O
are	O
bitcoin	B-Protocol
funds	O
.	O
</s>
<s>
The	O
first	O
regulated	O
bitcoin	B-Protocol
fund	O
was	O
established	O
in	O
Jersey	O
in	O
July	O
2014	O
and	O
approved	O
by	O
the	O
Jersey	O
Financial	O
Services	O
Commission	O
.	O
</s>
<s>
Also	O
,	O
c	O
.	O
2012	O
an	O
attempt	O
was	O
made	O
by	O
Cameron	O
and	O
Tyler	O
Winklevoss	O
(	O
who	O
in	O
April	O
2013	O
claimed	O
they	O
owned	O
nearly	O
1%	O
of	O
all	O
bitcoins	B-Protocol
in	O
existence	O
)	O
to	O
establish	O
a	O
bitcoin	B-Protocol
ETF	O
.	O
</s>
<s>
As	O
of	O
10	O
March	O
2017	O
the	O
bitcoin	B-Protocol
ETF	O
was	O
declined	O
by	O
the	O
SEC	O
because	O
of	O
regulatory	O
concerns	O
.	O
</s>
<s>
As	O
of	O
early	O
2015	O
,	O
they	O
have	O
announced	O
plans	O
to	O
launch	O
a	O
New	O
York-based	O
bitcoin	B-Protocol
exchange	O
named	O
Gemini	O
,	O
which	O
has	O
received	O
approval	O
to	O
launch	O
on	O
5	O
October	O
2015	O
.	O
</s>
<s>
On	O
4	O
May	O
2015	O
,	O
Bitcoin	B-Protocol
Investment	O
Trust	O
started	O
trading	O
on	O
the	O
OTCQX	O
market	O
as	O
GBTC	O
.	O
</s>
<s>
In	O
2013	O
and	O
2014	O
,	O
the	O
European	O
Banking	O
Authority	O
and	O
the	O
Financial	O
Industry	O
Regulatory	O
Authority	O
(	O
FINRA	O
)	O
,	O
a	O
United	O
States	O
self-regulatory	O
organization	O
,	O
warned	O
that	O
investing	O
in	O
bitcoins	B-Protocol
carries	O
significant	O
risks	O
.	O
</s>
<s>
Forbes	O
named	O
bitcoin	B-Protocol
the	O
best	O
investment	O
of	O
2013	O
.	O
</s>
<s>
In	O
2014	O
,	O
Bloomberg	O
named	O
bitcoin	B-Protocol
one	O
of	O
its	O
worst	O
investments	O
of	O
the	O
year	O
.	O
</s>
<s>
In	O
2015	O
,	O
bitcoin	B-Protocol
topped	O
Bloomberg	O
's	O
currency	O
tables	O
.	O
</s>
<s>
To	O
improve	O
access	O
to	O
price	O
information	O
and	O
increase	O
transparency	O
,	O
on	O
30	O
April	O
2014	O
Bloomberg	O
LP	O
announced	O
plans	O
to	O
list	O
prices	O
from	O
bitcoin	B-Protocol
companies	O
Kraken	O
and	O
Coinbase	O
on	O
its	O
320,000	O
subscription	O
financial	O
data	O
terminals	O
.	O
</s>
<s>
In	O
May	O
2015	O
,	O
Intercontinental	O
Exchange	O
Inc.	O
,	O
parent	O
company	O
of	O
the	O
New	O
York	O
Stock	O
Exchange	O
,	O
announced	O
a	O
bitcoin	B-Protocol
index	O
initially	O
based	O
on	O
data	O
from	O
Coinbase	O
transactions	O
.	O
</s>
<s>
According	O
to	O
Bloomberg	O
,	O
in	O
2013	O
there	O
were	O
about	O
250	O
bitcoin	B-Protocol
wallets	O
with	O
more	O
than	O
$1	O
million	O
worth	O
of	O
bitcoins	B-Protocol
.	O
</s>
<s>
The	O
number	O
of	O
bitcoin	B-Protocol
millionaires	O
is	O
uncertain	O
as	O
people	O
can	O
have	O
more	O
than	O
one	O
wallet	O
.	O
</s>
<s>
Venture	O
capitalists	O
,	O
such	O
as	O
Peter	O
Thiel	O
's	O
Founders	O
Fund	O
,	O
which	O
invested	O
million	O
in	O
BitPay	O
,	O
do	O
not	O
purchase	O
bitcoins	B-Protocol
themselves	O
,	O
instead	O
funding	O
bitcoin	B-Protocol
infrastructure	O
like	O
companies	O
that	O
provide	O
payment	O
systems	O
to	O
merchants	O
,	O
exchanges	O
,	O
wallet	O
services	O
,	O
etc	O
.	O
</s>
<s>
In	O
2012	O
,	O
an	O
incubator	O
for	O
bitcoin-focused	O
start-ups	O
was	O
founded	O
by	O
Adam	O
Draper	O
,	O
with	O
financing	O
help	O
from	O
his	O
father	O
,	O
venture	O
capitalist	O
Tim	O
Draper	O
,	O
one	O
of	O
the	O
largest	O
bitcoin	B-Protocol
holders	O
after	O
winning	O
an	O
auction	O
of	O
30,000	O
bitcoins	B-Protocol
,	O
at	O
the	O
time	O
called	O
'	O
mystery	O
buyer	O
 '	O
.	O
</s>
<s>
The	O
company	O
's	O
goal	O
is	O
to	O
fund	O
100	O
bitcoin	B-Protocol
businesses	O
within	O
2	O
–	O
3	O
years	O
with	O
$	O
10,000	O
to	O
$	O
20,000	O
for	O
a	O
6%	O
stake	O
.	O
</s>
<s>
Investors	O
also	O
invest	O
in	O
bitcoin	B-Protocol
mining	O
.	O
</s>
<s>
According	O
to	O
a	O
2015	O
study	O
by	O
Paolo	O
Tasca	O
,	O
bitcoin	B-Protocol
startups	O
raised	O
almost	O
$1	O
billion	O
in	O
three	O
years	O
(	O
Q1	O
2012	O
–	O
Q1	O
2015	O
)	O
.	O
</s>
<s>
Bitcoin	B-Protocol
is	O
useful	O
for	O
crowdfunding	O
.	O
</s>
<s>
For	O
example	O
,	O
one	O
college	O
football	O
sign	O
netted	O
over	O
$	O
20,000	O
in	O
donations	O
for	O
a	O
bitcoin	B-Protocol
enthusiast	O
.	O
</s>
<s>
He	O
was	O
shown	O
by	O
local	O
TV	O
company	O
with	O
a	O
broadsheet	O
"	O
Hi	O
mom	O
,	O
send	O
bitcoins	B-Protocol
"	O
.	O
</s>
<s>
The	O
decentralization	O
of	O
money	O
offered	O
by	O
virtual	O
currencies	O
like	O
bitcoin	B-Protocol
has	O
its	O
theoretical	O
roots	O
in	O
the	O
Austrian	O
school	O
of	O
economics	O
such	O
as	O
subjective	O
theory	O
of	O
value	O
,	O
especially	O
with	O
Friedrich	O
von	O
Hayek	O
in	O
his	O
book	O
Denationalisation	O
of	O
Money	O
:	O
The	O
Argument	O
Refined	O
,	O
in	O
which	O
he	O
advocates	O
a	O
complete	O
free	O
market	O
in	O
the	O
production	O
,	O
distribution	O
and	O
management	O
of	O
money	O
to	O
end	O
the	O
monopoly	O
of	O
central	O
banks	O
.	O
</s>
<s>
Bitcoin	B-Protocol
appeals	O
to	O
tech-savvy	O
libertarians	O
,	O
because	O
it	O
so	O
far	O
exists	O
outside	O
the	O
institutional	O
banking	O
system	O
and	O
the	O
control	O
of	O
governments	O
.	O
</s>
<s>
However	O
,	O
researchers	O
looking	O
to	O
uncover	O
the	O
reasons	O
for	O
interest	O
in	O
bitcoin	B-Protocol
did	O
not	O
find	O
evidence	O
in	O
Google	O
search	O
data	O
that	O
this	O
was	O
linked	O
to	O
libertarianism	O
.	O
</s>
<s>
Bitcoin	B-Protocol
's	O
appeal	O
reaches	O
from	O
left	O
wing	O
critics	O
,	O
"	O
who	O
perceive	O
the	O
state	O
and	O
banking	O
sector	O
as	O
representing	O
the	O
same	O
elite	O
interests	O
,	O
...	O
recognising	O
in	O
it	O
the	O
potential	O
for	O
collective	O
direct	O
democratic	O
governance	O
of	O
currency	O
"	O
and	O
socialists	O
proposing	O
their	O
"	O
own	O
states	O
,	O
complete	O
with	O
currencies	O
"	O
,	O
to	O
right	O
wing	O
critics	O
suspicious	O
of	O
big	O
government	O
,	O
at	O
a	O
time	O
when	O
activities	O
within	O
the	O
regulated	O
banking	O
system	O
were	O
responsible	O
for	O
the	O
severity	O
of	O
the	O
financial	O
crisis	O
of	O
2007	O
–	O
08	O
,	O
"	O
because	O
governments	O
are	O
not	O
fully	O
living	O
up	O
to	O
the	O
responsibility	O
that	O
comes	O
with	O
state-sponsored	O
money	O
"	O
.	O
</s>
<s>
Two	O
WSJ	O
journalists	O
describe	O
bitcoin	B-Protocol
in	O
their	O
book	O
as	O
"	O
about	O
freeing	O
people	O
from	O
the	O
tyranny	O
of	O
centralised	O
trust	O
"	O
.	O
</s>
