This article appeared in Cybersecurity Law & Strategy, an ALM publication for privacy and security professionals, Chief Information Security Officers, Chief Information Officers, Chief Technology Officers, Corporate Counsel, Internet and Tech Practitioners, In-House Counsel. Visit the website to learn more.
Cryptocurrency, and its most-noted asset Bitcoin, has been breaking into the mainstream press. While most lawyers have heard terms like “blockchain” and probably even know a few people who have been deeply interested in the world of cryptocurrency, far more of us have at best a vague understanding of crypto markets and how crypto is acquired, traded and converted to everyday dollars (or fiat currency). Given that the price of a Bitcoin is up over 750% since April 2020 and approximately $56,000 per coin at the time of writing, the incentive to pay attention has increased. What was once thought to be a solely a niche product is becoming more widely accepted, as evidenced by an recent article in Forbes estimating that 10% of stimulus funds, or $40 Billion, will be used to purchase Bitcoin.