Bitcoin Arrests Cloud New York Hearings on Virtual Currency

The U.S. Attorney made two arrests just one day ahead of the New York Department of Financial Services hearings on virtual currencies, including Charlie Shrem, CEO of BitInstant and Vice Chairman of the Bitcoin Foundation. Nicholas Colas of ConvergEx believes this won't harm the currency and that it's natural to shake out the bad guys in the currency because it came from a less than transparent place. However, with regulation and adoption, Colas believes bitcoin will gain credibility.

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