Frager Factor

Thursday, February 06, 2014

The New Currency That's Making Normal People Millionaires

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Aired on local South Florida TV last night.... "It's the year of the Bitcoin: in-depth report on the controversial digital currency that's seemingly created out of thin air and turning normal people into millionaires."

From Follow Randy Gyllenhaal @wpbf_randy:

Believers in a new, digital currency -- one that could compete with the U.S. dollar -- say they think that 2014 will be the Year of the Bitcoin.

Bitcoins are not physically coins, but a digital stream of cash, used to pay for things online without credit card fees or waiting for funds to deposit.

At this time last year, a single Bitcoin was worth about $20. Today, amid roller-coaster price fluctuations, you'd have to shell out close to $1,000.

"I started investing in Bitcoin in 2011, when it was $2," said Tony Gallippi, a Bitcoin banker who runs a fleet of Bitcoin ATMs.

"The first thing you do is press start," he said at the North American Bitcoin Conference in Miami last month. "I'm going to stick in $5, and now if I go to my mobile wallet, the money has landed."

Within seconds, he has successfully converted U.S. dollars into Bitcoins. Gallippi said he hopes that, within the next few months, everyday consumers will begin to adopt the new currency.

Already, websites like, the Chicago Sun Times, and even a bar in San Diego have begun accepting the currency.

Investing in Bitcoins has proved extremely profitable for some early adopters, turning everyday tech geeks into millionaires practically overnight.

But you can't create a new currency without attracting the attention of federal regulators. Government officials are worried about money laundering, and their decisions could grind to a halt the future of a fast-developing digital currency.

Watch the video on WPVF site to learn how Bitcoins are created, and what the government plans to do with the emerging market.

Follow Randy Gyllenhaal on Twitter at @wpbf_randy.

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