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The price of bitcoin is off only about 5 percent since Friday, when the SEC nixed the Winklevoss-backed proposal for a bitcoin exchange-traded fund. Which raises the question, "Was the commission's decision a foregone conclusion from the get-go?"
Virtual currencies offer numerous benefits over more traditional currencies. Being decentralized, they are less susceptible to online fraud. As digital currencies, they also afford security from physical world currency issues such as theft or loss.
Whichever way the US Securities and Exchange Commission rules on a proposal by the Winklevoss twins for a bitcoin exchange-traded fund, the agency's decision will have a positive impact on the future of digital currencies.