Jeremy Allaire: Regulators, Wall Street and Bitcoin Hitting the Mainstream

Last year, bitcoin was nothing more than funny-money criminals used to buy drugs and weapons. Well, that was the story that dominated mainstream coverage of the digital currency.

No longer. The world-changing potential of this decentralised method of digitally transferring ownership is being discussed in serious, if inflammatory, terms everywhere from the US Senateto Chinese state television.

But to make this transition, bitcoin is having to change. No longer the preserve of radical libertarians, bitcoin is beginning to be dominated by a different kind of animal: the suited businessman.

And with Wall Street-types not far behind, the anti-government ideals held by certain parts of the bitcoin community are being rejected and disowned. Bitcoin is beginning to hit the mainstream, but it’s tidying itself up first.