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Interest in Bitcoin Grows on Wall Street


Interest in Bitcoin Grows on Wall Street MoneyBeat WSJ

Source: http://blogs.wsj.com/moneybeat/2015/03/2...

Corporate America is gradually warming to bitcoin.

Amid a slew of deals involving prominent finance and tech companies lie signs that the U.S. business establishment is exploring innovative new enterprise uses for digital currencies. They are making early, tentative bets that the so-called blockchain-ledger technology behind bitcoin might one day transform how banks, businesses and even smart appliances circulate money, assets and sensitive data around the world.

The interest is most evident on Wall Street, where there’s a sense that the bank-dominated, centralized pathways through which international finance passes are long overdue for the kind of Internet-driven cost savings that have affected other industries.

“The price of handling bits [of data]has come down by a factor of 10,000 fold over the last generation; it’s high time that the costs of payments processing fall by a factor of even two,” says former U.S. Treasury Secretary Lawrence H. Summers. “Bitcoin offers the prospect of necessary and important disruption in finance for the benefit of buyers and sellers rather than financiers and middlemen.”

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