It’s a legal and regulatory achievement that many experts said would simply never happen. For years, it has been possible to purchase Bitcoins directly with USD. Now finally, beginning tomorrow, that option will extend to altcoins as Cryptsy, the World’s largest altcoin exchange, turns on the U.S. dollar markets, starting July 1st.
Cryptsy founder Paul Vernon, aka BigVern, started his journey into digital currency just a few short years ago as a mining pool operator. After seeing a need by miners to exchange their mined coins, he built a small private exchange for his pool users. That tiny exchange has since blossomed into an American digital currency powerhouse.
Last December, Barry Silbert, founder and chief executive of SecondMarket, said that Wall Street was three to six months away from moving into Bitcoin in a big way. He predicted that Wall Street was preparing to dive in and pour vast amounts of institutional and investor money into the digital currency.
Now, thanks to a man that one bitcointalk user proclaimed could have “taught Jesus to walk on water”, some of that Wall Street institutional and investor money can begin flowing directly into alternative cryptocurrencies including Dogecoin (DOGE), Litecoin (LTC), and Feathercoin (FTC), and indirectly into many other popular altcoins like Potcoin (POT), and Goldcoin (GLD).
What do you think will happen when the US dollar floodgates open? Will we witness an altcoin bubble? Log in below using your favorite social network and weigh in on the discussion.