Bitcoin federal probe will strengthen digital currencies, computer coding expert says
The Justice Department’s reported investigation of possible bitcoin price manipulation will ultimately strengthen and legitimize the digital currency market, according to the co-founder of a New York City computer coding boot camp.
“The more people understand how bitcoin and blockchain work, the more we can actually build technology that’ll prevent this kind of manipulation,” Avi Flombaum, co-founder of the Flatiron School, told Liz Claman of FOX Business in a “Countdown to the Closing Bell” interview on Friday.
Federal prosecutors are working with the Commodity Futures Trading Commission on the investigation of bitcoin and other cryptocurrencies, according to a report from Bloomberg.
Bitcoin is well off the recent highs of $19,000 six months ago and currently trading just over $7,400, according to CoinDesk.
It’s difficult to predict what will help bitcoin surge back to its record highs, according to Flombaum, who added that scrutinizing cryptocurrencies will remove their “Wild West” stigma.
“I remember, you know, 15 years ago as the internet was also a Wild West,” he said.
Flombaum is a co-founder of what he says is the oldest coding boot camp in the U.S. He says the computer industry has seen an influx of high-paying jobs related to blockchain technology.
“We are seeing demands from employees who want to change careers into this really exciting field,” he said.