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St. Louis Fed VP says bitcoin 'will find a niche market' in the future

bitcoins will find a niche market, even if that doesn't mean government regulators and investors will jump on the cryptocurrency bandwagon in the future
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Oct 20, 2014 11:30 am

Consumers and retailers are interested in testing bitcoins as a payment option, but that doesn't mean everyone else is onboard with the idea. However, bitcoins are still not a major concern for Fed researchers and lawmakers, but the New York Fed - and a growing number of researchers in the Fed system - are discussing bitcoins on a more consistent basis.

 

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"My best guess is that bitcoin will find a niche market," said Dr. David Andolfatto, VP of St. Louis Federal Reserve, in a recent interview with Bitcoin Magazine. "It's cool to use bitcoin to pay for your Starbucks latte on university campuses. It may very well find a place on the high street, at least among some shops catering to the 'cool' crowd. But for advanced economies, at least, it is hard to see how consumers will benefit directly by using bitcoins instead of dollars or pounds."

 

Recently, the value of individual bitcoins dropped to just $290, with investors frustrated with its volatility - and that is going to be an uphill battle.

NEWS SOURCES:Bitcoinmagazine.com, Bitcoinexaminer.org

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