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    OPINION: Labelling Bitcoin as Dangerous, US Pretends to Defend Public Interest

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    The labeling by US authorities of Bitcoin as potentially dangerous is the government’s attempt to pretend to protect the public interest, virtual currency consultant Frankie Bishop told RIA Novosti Thursday.

    MOSCOW, May 8 (RIA Novosti), Nikita Alentyev – The labeling by US authorities of Bitcoin as potentially dangerous is the government’s attempt to pretend to protect the public interest, virtual currency consultant Frankie Bishop told RIA Novosti Thursday.

    “Bitcoin is an inanimate object. It poses a threat to no one. In this particular scenario where it is being labeled as one, it is more indicative of creating a potential threat to justify a role in which to give an impression of protecting the public,” he said, speculating that the American public is starting to realize that “as there are far greater threats within the scope of the American public.”

    The expert dismissed the speculation the Bitcoin craze is fading away with an “unequivocal and resounding No.”

    “The Bitcoin speculative craze has waned a bit, however investment, development and overall interest has been on the rise. There are new exchanges opening up around the world, new products being created and released with Bitcoin related news just keeps flowing consistently day in and day out,” Bishop said.

    He pointing to no interest or need for the currency’s revival, suggesting – if anything – “it would make the general public shake their head at the absurdity of the whole thing.”

    In fact Bishop is optimistic of Bitcoin’s prospects, suggesting the crypto-currency “will evolve into the mainstream just like all new technologies do gradually over time.”

    “As old institutional banking and finance systems wither and lose utility in today's global economy, you will see a reciprocal and even greater increase in the adoption and use of crypto-currencies,” he concluded.

    A number of US government agencies have voiced concern over Bitcoin and even launched programs to study the risks the currency may pose, concentrating public opinion on it as a new tool in the hands of terrorists.

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