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The Failure of Mt. Gox and Other Recent Bitcoin Catastrophes: Why Banks Should Care

Related: March 5, 2014. Davis Polk’s Reuben Grinberg discusses the evolution of Bitcoin and whether it’s here to stay. He speaks with Trish Regan and Matt Miller on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

Although Davis Polk does not yet accept Bitcoin, we have been closely following the rapid-fire booms, busts and arrests in the Bitcoin and the larger cryptocurrency space.

Cryptocurrencies – including Bitcoin, Ripple, Litecoin, Dogecoin and about a hundred others – are essentially money in the form of artificial commodities of limited total supply, which are transmittable quickly and without cost over the internet without a financial intermediary.…  Read More

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