Terrorists Make Mistakes and Bitcoin as a Technological Tour De Force

Eric Schmidt and Jared Cohen have a new book coming out called The New Digital Age.

They did an interview with CNBC on the book and at one point it focused on Illicit networks. In the book it reads, “The real challenge will be a combination of virtual currency with anonymous networks that hide the physical location of services.”

Jared Cohen’s comment in the interview is that illicit networks are two trillion dollar industry, and adds that a new virtual currency complicates the global challenge. ┬áHe argues that although it could serve to empower criminals that leverage new technology, there is also new potential for mistakes that foil crime.

Eric Schmidt is asked directly, will big businesses decide to accept Bitcoin or other forms of virtual currencies. Schmidt’s response is: “Bitcoin is a technological tour de force. What I don’t know is ultimately whether it is going to be legal.”

Fascinating.

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