Bitcoins have been watched with a lot of ifs and buts. Yet bitcoin ambassador Donahoe is a firm believer that it is the currency of the future and that PayPal will have no choice but to integrate the digital currency (such as bitcoin) into its wallet.
Naysayers doubt the need for another currency -- albeit a "futuristic digital" one. Security questions continue to haunt bitcoin propagators. This is thanks to several scandals and regulatory questions associated with the funny money.
Last year, Silk Road, a Web site selling objects and black-market items that are illegal in many countries, was closed by the FBI. Bitcoin was the only currency Silk accepted for their transactions. Earlier this year, Mt Gox, an exchange that was in 2013 handling almost 70% of all Bitcoin exchanges, filed for bankruptcy in Japan.
Despit being hit by a series of scandals, it is one of the strongest of the cryptocurrencies, or the buzziest, at the least.
Perhaps Bitcoin is the next big thing that is going to take the world by storm, just by its mere presence. Everyone thought it was dead in the water last year. Yet is continues to rise in value. Whether it merits the time and energy of digi-obsessed scouts is still unknown.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff