Talking Bitcoin With Brad Reifler

Digital currency is all the rage today and there are many proponents of its use. There are, however, also detractors and one of the biggest of these is Bradley Reifler, originator and Chief Executive Officer of Forefront Capital. But what is Bitcoin? Bitcoin is electronic virtual money or as its called on the street cryptocurrency. It is also not controlled by a central bank or other government entity and does not conform to the normal definitions of a currency. Cryptocurrency usage has gained popularity recently mainly because of several facts. Transactions are peer to peer, there are no middlemen involved. There is also the fact that usage fees are much less with bitcoin than with traditional methods such as credit cards. But this has caused some concern also.

Bitcoin is a virtual money system, occasionally referred to as cryptocurrency. It is a virtual currency specifically used on the web with no centralized control entity, such as the Federal Reserve Bank. It also does not meet any of the recognized definitions of a currency. New bitcoins can also be created by individuals. Creating new bitcoins involves users who offer their computing power to authenticate and document transactions into a public record book. For this service, they received fees and newly minted cryptocurrency. One of the negatives to digital currencies that have bothered some people are the stories that bitcoin and other virtual currencies are being used to move illegal drugs and are being used in schemes to conceal drug money. As a consequence of the government’s nervousness about this, in 2013, the Federal Bureau of Investigation closed one of the largest illegal drug rings operating on the internet operated by the “The Dread Pirate Roberts” a pseudonym from the movie The Princess Bride. When they closed the website down they also confiscated 144,999 bitcoins which were worth $28.5 million dollars at the time. Regardless of all the bad press, though, bitcoin has seen continued success even though there are many details in it that still have to be worked out.

One of the detractors of the use of Bitcoin as a virtual currency in commerce is Brad Reifler the founder of Forefront Capital LLC. Brad has more than 30 years of experience managing hedge funds as well as managing capital investments, doing mergers and acquisitions, and managing investment portfolios. With this experience, he is more than qualified as an expert in money management and finances when it comes to investment decisions. Because of this experience he stridently believes that using bitcoins in investing is not only a bad idea but that it is very dangerous. Under current law, any non-accredited investor is barred from investing in any start up in addition to not being able to participate in an investment crowd-funding service for an investment. These restrictions all but kill all bitcoin investments. The only route open, he says, is to buy bitcoin and hope for the best, which in his view is a very bad idea.  Find Brad on Twitter, or read about him on Wikipedia.

One comment

  • Stevie Hamza
    August 11, 2017 - 6:45 pm | Permalink

    As a point of this concern, the U.S. Treasury Department has defined bitcoin and bitcoin transactions as decentralized virtual currency negotiations or contracts. It is with due diligence that excellent essay writing service has everything written for them right on time too and it is often what others has asked about them for a really long time.

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