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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.

Published Wed, May 14 2014 9:17 PM CDT   |   Updated Tue, Nov 3 2020 12:16 PM CST

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.

Financial analysts are increasingly jumping on the bitcoin bandwagon | TweakTown.com

"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.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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