Bitcoin Hits the Big Time – What to Know about Cryptocurrency in Iowa

Illinois Public Radio says Bitcoin just hit the $100,000 mark—can you believe it? And it’s not just a one-time thing; this milestone is being driven by a whole bunch of factors that have crypto fans dancing in the streets (or at least on the platform formally known as Twitter). 

Regulatory Shifts

Finally, it seems like the government might actually start getting the crypto world. There’s growing hope that the rules are going to shift in a way that makes it easier for people to invest in bitcoin without worrying about the regulatory hammer coming down. This is all part of the plan to make crypto less of a wild, unpredictable ride, and more of a mainstream option. 

Wall Street’s Love Affair with Bitcoin

Institutional investors are totally in on the game now. Big names like BlackRock, Fidelity, and Invesco are launching bitcoin ETFs, which is like the VIP pass for crypto to join the elite financial club. 

I had to look it up.  I was not familiar with what a bitcoin ETF was.  It is an exchange-traded fund and how it works and the definition is located here from Investopedia.

With more money coming in from these big players, bitcoin’s legitimacy is skyrocketing—and so is its price. 

Bitcoin: The Digital Gold Rush

You know how people talk about gold as the “safe haven” investment? Well, bitcoin’s basically trying to elbow its way into that club. Recently, the Fed’s Jerome Powell even said bitcoin is just like gold—only digital. How do you pan for that?  The family and I are headed west to pan for digital cryptocurrency. 

People aren’t using it to buy coffee (yet), but they’re certainly starting to think of it as a store of value. And when that happens, investors start paying attention.  If you're paying with a $100K bitcoin, it might be kinda hard to make change.  

Pro-Crypto Moves

There’s a growing buzz that things are going to get even better for bitcoin. Imagine a world where there’s no tax on crypto transactions, and bitcoin companies can go public with ease. Sounds pretty sweet, right? It’s all part of a vision for a more crypto-friendly future that’s helping push bitcoin’s value higher. 

Bitcoin’s 2024 Glow-Up

Bitcoin’s up 140% this year—no, that’s not a typo. The price has been on fire, and a lot of it comes from investors finally realizing that maybe, just maybe, bitcoin isn’t going anywhere. The price has been climbing ever since the election, and people are feeling pretty good about the future of crypto. 

So yeah, hitting $100,000 isn’t just a big number—it’s a sign that bitcoin’s slowly becoming a staple in the world of finance. It’s no longer just a “what-if” experiment; it’s here to stay, and investors are all about it. 

What's the Deal with Bitcoin in Iowa?

In Iowa, the Iowa Department of Commerce (IDOB) regulates virtual currency kiosks. The IDOB can process complaints against licensees and can be contacted at craig.christensen@idob.state.ia.us

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The State of Iowa says that the Iowa Division of Banking issued a clarification about virtual currency kiosks (like bitcoin ATMs) in Iowa. According to Iowa law, virtual currency is considered "monetary value," so kiosks that exchange U.S. dollars for virtual currency are engaging in "money transmission," and therefore need a money transmitter license.

Initially, the Division thought kiosks didn’t need a license as long as they used their own reserves, didn’t hold customer funds, and only handled transactions between the customer and operator. However, they've realized that kiosks might send virtual currency to a third party’s wallet, not just the customer’s, making it qualify as money transmission.

As a result, if a kiosk operator in Iowa allows virtual currency to be sent to a third party’s wallet, they must be licensed unless exempt under Iowa law. If you spot an unlicensed kiosk, you can report it to the Division at craig.christensen@idob.state.ia.us.