So What is Bitcoin?

Bitcoin surged to the forefront of American culture late in 2017, when prices per coin hit $20,000. However, despite its high value and popularity, many had no real idea what the currency is. American Banker set out to answer that question, with help from iSchool Professor Lee McKnight.

“New York State financial regulators and the IRS say bitcoin is a digital commodity, so it’s a crypto commodity,” he said. “It’s a store of value and a hedge in uncertain times. Look at the current political and climate and who’s president. There’s a lot of uncertainty and market hedging.”