The Bankers Who Destroyed Our Economy Are Now Trading Bitcoin

At its core, Bitcoin is worthless. That people continue to trade the invented digital currency is understandable, because it's possible to turn a quick, risky buck. It's more gambling than economics. So, of course, the financial professionals who levelled the global economy love it.

Here's an interesting trend within the world's Bitcoin exchanges. People with real-money jobs can't resist the thrills of trading the fake stuff as if it were an international currency. Reuters dug up some sources within the world's biggest financial institutions and found that people who work at Morgan Stanley and Goldman Sachs are trading Bitcoin from work. One source estimated that 90 per cent of traders have bought and sold the currency.

It's not all that surprising that traders have embraced the anarchic, stateless fiat. These are the very people who bundled billions of debt into a mammoth bubble of unstable financial products. They're sort of the same thing. [Reuters]

Trending Stories Right Now