Financial expert Brian Wolfe believes Bitcoin's popularity is inevitable

Golden Finance News - When financial expert Brian Wolfe talks about the strangeness and sudden appeal of Bitcoin, he likes to compare it to the currency that everyone is familiar with, the US dollar.

Brian Wall believes that people cannot fully understand Bitcoin. Image source: Golden Finance

"When asked about the source of money, most people would probably say they get it from banks. But in fact, a more sensible answer would be the Federal Reserve," said Wolf.

Some people are now questioning where Bitcoin comes from, or even more so, what Bitcoin is.

“ People don’t fully understand bitcoin,” said Wolfe, an assistant professor of management finance at the University at Buffalo’s College of Business. “It’s a bit of a novelty for consumers. ”

What is new is that the value of Bitcoin has doubled since last year. Since Bitcoin entered the world financial stage in 2009, it has not only shaken up financial markets, but also driven the circulation of other cryptocurrencies.

Now, a federal judge in Buffalo is wading into the national debate, declaring that Bitcoin isn’t money at all.

In a local bitcoin money laundering case, U.S. Judge Hugh B. Scott recently ruled that bitcoin is similar to a commodity, akin to a collectible, rather than a currency.

But there’s a chance that Scott’s decision won’t stand, and the district judge who’s reviewing it might take a different stance, arguing that bitcoin issues raise the types of legal issues facing people and merchants eager to move away from traditional forms of money.

Wolfe believes that Bitcoin may not be the ultimate answer, but cryptocurrencies and what they represent are here to stay - a fast, distributed, low-cost way to conduct digital transactions that are protected by encryption.

Wolfe said: I think the popularity of Bitcoin is inevitable. The underlying technology of Bitcoin is extremely powerful.