Virgin, Yahoo Founders Plunge $30-Million Into Bitcoin

WASHINGTON (CBSDC) – Bitcoin may have a bright future after all.

Bitcoin processor Bitpay has received $30 million in funding from a group that includes Virgin’s Richard Branson and Yahoo co-founder Jerry Yang.

The cash infusion grows Bitpay’s value to $160 million, making this, according to the Wall Street Journal, the largest venture-capital investment ever into digital-currency.

“Banking as we know it is in the midst of enormous change and innovation,” Branson said in an email to the Wall Street Journal.

Bitcoin investors are trying to bounce back from setbacks earlier this year. In February, Bitcoin exchange Mt. Gox filed for bankruptcy after announcing 850,000 Bitcoin was missing and likely stolen. In March, a Canadian bitcoin bank was forced to shut down after hackers stole all of its digital currency.

Senator Joe Manchin called for a bitcoin ban back in February; and the Securities and Exchange Commission issued an advisory warning investors to be wary of any virutal currency transactions.

But this latest investment suggests that  entrepreneurs and venture capitalists clearly believe digital money is here to stay.


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