Bitcoin hasn't replaced cash, but investors don't care
Many are hoarding the cryptocurrency as if it were virtual gold, a new way to store money outside the control of any government or company
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WHEN bitcoin first entered the public consciousness a few years back, a handful of large companies like Dell and Expedia announced they would begin accepting the virtual currency. But there weren't many takers. This failure hasn't bothered many of the people buying up bitcoins in recent months, pushing the price to new highs - above US$17,000 for one bitcoin on Thursday. These investors aren't using their tokens to buy computers or to book trips. Instead, they are hoarding bitcoins as if it were virtual gold, a new way to store money outside the control of any government or company.
"I've always been sceptical of directly competing with and replacing existing forms of payment," said Steve Lee, a longtime Google employee from San Francisco who is investing in virtual currencies. "Today what bitcoin is excellent at, and has mostly solved, is being your own bank."
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