Bitcoin enthusiasts plan to host a two-day gathering in July to discuss the fast-rising virtual currency at McCormick Place in Chicago.
“The aim is to bring bitcoin from speculation to the mainstream,” said Moe Levin, the Amsterdam-based director and producer of The North American Bitcoin Conference. “It’s a community-driven effort to promote the innovation and utility of a global currency. The point of bringing it to Chicago is expanding it more into the Midwest and to promote it all over, really.”
The conference is expected to occur from July 19th to 20th, reported The Chicago Tribune.
The conference comes at a time when International Bitcoin Foundation lawyers are trying to persuade regulators to draft a legal framework that will make digital currencies, including bitcoin, much more appealing to the average consumers. In the U.S., the government is currently studying how to regulate emerging payment technologies, such as bitcoin and PayPal.
Bitcoin’s reputation took a battering in February after Japanese bitcoin exchange Mt. Gox closed shop and subsequently filed for bankruptcy after it claimed that hackers stole more than 850,000 worth of bitcoins, valued at $450 million at the prevailing exchange rates then. Mt. Gox later said it had discovered 200,000 bitcoins which it said were hidden in an old digital file.
Until its collapse, Mt. Gox was the world’s biggest bitcoin exchange, handling more than 20,000 bitcoin transactions daily. The news of its collapse saw bitcoin prices decline massively.
However, the digital currency has since recovered from the lows of under $500 to trade at a high of $656.85 on Sunday 8th, according to data seen on CoinDesk. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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