How Bitcoin is making waves in the luxury market

(CNN) - When Bitcoin and a subsequent raft of cryptocurrencies first landed in the early part of the decade, many people -- including noted economists and finance experts -- dismissed them as a fad.

These new forms of digital money were viewed as little more than capitalist Tamagotchis, currencies with no value to anyone except those looking to buy illicit items.

The raft of coffee shops selling lattes for Bitcoins have gone some way to disprove these negative perceptions, but the availability of luxury items like jewelry, cars and even fine art have really stated cryptocurrencies' case for permanence -- nearly a decade after they first came about.

"Many economists dismissed it as a flawed form of money, something that could never achieve the level of adoption that it has," said Dr. Garrick Hileman, an economic historian at the University of Cambridge and the London School of Economics.

"Today we estimate 5 to 10 million unique active users of cryptocurrencies, and in my opinion that's nothing short of a minor economic miracle."

Full story at http://cnn.it/2xtKSRo

Source: CNN

 

 

 

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