The pros and cons of bitcoin

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May 15, 2013, 8:23 pm
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(NECN) - Gold is now worth less than $1,400 an ounce.

It's in its longest run of losses since January 2011, and down 15 percent for the year.

Now, many investors are scrambling to find safer places to put their money, and the creaters of a new digital currency known as bitcoin are seizing the opportunity.

But is bitcoin really a good investment?

Peter Cohan of management consulting and venture capital firm Peter Cohan & Associates joined NECN Business to explain.

"Bitcoin is basically a bunch of computers hooked together that have information about all the bitcoin transactions that have taken place. It's a purely electronic, virtual currency with no other real world manifestation except for the fact that it's like a religion, it's like a cult. In fact, when you mentioned gold before, the way that people feel about gold and the way that people feel about bitcoin is not that different," he says.

Watch the attached video for the complete interview.

Tags: Peter Cohan, bitcoin, digital currency, bitcoin pros and cons
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