Exactly three months ago, a well-known bitcoin developer, Mike Hearn, wrote a post on Medium that rocked the community of people who believe in the future of the digital currency and its technology. Bitcoin, he wrote, has failed. “It has failed because the community has failed… Worse still, the network is on the brink of technical collapse.” The post led to screaming headlines about the end of bitcoin.
And yet, the industry plugs along. The currency is trading at $430 USD. Transaction volume (the number of bitcoin transactions per day) is higher now than it was before Hearn’s post, according to a tracker at Blockchain.info. Just this week, the Wall Street Journal profiled a top ETF (exchange-traded fund) attorney who is advocating for a bitcoin ETF, the same effort that Cameron and Tyler Winklevoss are pushing.