The Federal Government's Reaction To Bitcoin Is An Acknowledgement Of The Dollar's Vulnerability

Peter Ferrara, Contributor

From Forbes.com 

The Senate Homeland Security and Government Affairs Committee has private alternative currencies in its crosshairs.  The Chairman, Senator Tom Carper (D-DE) and Ranking Member, Senator Tom Coburn (R-OK), sent a joint letter to seven federal agencies last week asking for feedback and policy proposals for regulation of virtual currencies, like Bitcoin.

Bitcoin has surged in value and popularity recently as it has come to be embraced by more users across the planet.  In a world of government fiat currencies, Bitcoin is an admirable innovation.  But in a sense it extends the current currency framework, as opposed to revolutionizing it.  It was created out of less than thin air when cybergeeks who saw it as a natural progression of the modern web specified the creation and distribution of the new cybercurrency in a paper posted on the Internet in 2008.  The virtual currency was then launched into operation in 2009.
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