Robert Prechter Calls Bitcoin "Brilliant"

Over on the Bitcointalk Forums, cypherdoc brings us this interesting development:

Robert Prechter, one of the world's most renowned stock market analysts and proponent of Elliot Wave Theory, in his latest report, calls Bitcoin "brilliant:"

"In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit, Bitcoin, “a form of money laundering.”

Robert Prechter postulates that Bitcoin, while brilliant, will likely fall victim to government action. As with Liberty Dollars in the United States and GoldMoney in the Netherlands, he believes Bitcoin will be declared illegal, thus dissuading legitimate business from accepting it in exchange for goods and services.

Unlike other alternative currencies, however, Bitcoin can never be shut down.

Robert Prechter's praise for Bitcoin truly is a step towards its legitimization, and as long as Gavin Andresen and the core development team continue to work with government to build a framework for Bitcoin's regulation, it is unlikely that it would be declared illegal.

It should also be noted that GoldMoney's currency, called "GoldGrams" has been around since 2001, and remains legal in the United States.

Posted in: goldmoney,legal,legitimization,liberty dollars,prechter