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Financial analysts are increasingly jumping on the bitcoin bandwagon

Financial analysts are becoming more vocal about the appeal and risks of bitcoins, as the cryptocurrency continues its efforts to go mainstream

By: Michael Hatamoto from May 14, 2014 @ 21:17 CDT

The bitcoin cryptocurrency is receiving even more attention from financial analysts, as consumers and retailers become comfortable making transactions in the digital currency. Bitcoin volatility has scared some investors away, though there is a growing amount of support from those willing to roll the dice and gamble.


"When I look at the amount of human capital working on this project, there are probably 30,000 independent programmers out there, coding and working on bitcoin and bitcoin derivatives in this open-source community," said Michael Novogratz, Fortress Investment Group Principal, from the SALT Conference.

In addition to the manpower working to support bitcoins and cryptocurrency, even more stores and e-tailers are throwing their support behind bitcoins.

However, governments and banks are having a difficult time trying to figure out what to do with bitcoins, as the central bank in China issued a warning of bitcoin risks. The U.S. Internal Revenue Service (IRS) also said bitcoins are classified as property and not real currency, though will continue to monitor its development.

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