Some have asked our view on Bitcoin, and my response is simply—I view these things from a Free Market perspective. I have often stated that “The Market knows more than any of us”. I would not want to be labeled a hypocrite by stating my conviction that the “real” free market is capable of making decisions that are in the best interest of masses, and then proceed to disparage Bitcoin through a personal bias.
However, I do have a personal bias as to the basic construct of money, or what I would prefer to think of as “real” money. Here the span of history has given us a very clear message that a fair exchange of value for value is the only ethical way for people to conduct a transaction that is mutually beneficial for both parties.
Essentially, a cryptocurrency is a digital medium of exchange. The first one, created about four years ago, was Bitcoin. Since then, scores, if not hundreds of various permutations of the concept have been launched. Even the Royal Canadian Mint has gotten into the act, announcing the MintChip. They call it “the evolution of currency” – with a billing as the world’s first government cryptocurrency.