What's a Bitcoin?


Can “peace of mind” be acquired with Bitcoin? Due to my role and background, I receive periodic inquiries with these “cashless society” type of questions. Bitcoin is a hot topic in today’s newspapers, and a source of questions. What does a Bitcoin look like? Or what is a Bitcoin?  Etc.

The short answer, Bitcoin is a “digital currency”. I do not consider Bitcoin an investment (an investment as defined by something that can generate a return). Bitcoin is more like gold, or an antique, that you buy and hold in a speculative manner, till it raises (or lowers) in value. Gains and losses are taxed as capital gains/losses. To learn more about it, read the recent article by Mike Sorrentino, Chief Investment officer at Global Financial Private Capital.

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