Bitcoin goes to Washington

Bitcoin’s value pushed upwards today as the U.S. Senate is set to study the online currency.

It was trading at an average $525.62 across global exchanges, the Wall Street Journal reports.

Read: Online currency, real-world taxes

Senators on the Homeland Security and Government Affairs committees will hear testimony from the Department of Justice the Treasury and the U.S. Secret Service.

Their prepared remarks indicate that while Bitcoin is susceptible to be used in frauds, it also has potential benefits, such as financial series and more efficient global commerce, the WSJ reports.

The Senate hearing starts at 3 o’clock.

Federal Reserve chair Ben Bernanke, who isn’t testifying today, has also said Bitcoin “may hold long-term promise.”

Bitcoin was launched four years ago, and it recently opened its first ATM in Vancouver.

Read more here.

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First bitcoin ATM opens in Vancouver

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