Bitcoin and Money Laundering? We're Shocked.

Famously untraceable electronic currency Bitcoin, involved in a money laundering scandal? Unbelievable.

Chris Hill
Chris Hill, Tim Hanson, and Jason Moser
Jan 28, 2014 at 8:45PM

In this video from Tuesday's MarketFoolery podcast, host Chris Hill and Motley Fool analysts Tim Hanson and Jason Moser sift through the headlines of the day to bring investors the real stories behind today's market moves.

On Monday it was announced that the U.S. Department of Justice had arrested Charlie Shrem, CEO of the Bitcoin company BitInstant, to charge him with conspiring to commit money laundering and operating an unlicensed money-transmitting business. In this segment, the guys discuss why they think something like this was inevitable for Bitcoin, and why although Bitcoin may be very successful at the moment as a vehicle for speculation, it fails ultimately on the most important two points that would make it a currency.