Bitcoin bulks up lobbying power

A bitcoin investment fund is beefing up its lobbying ranks by bringing in an outside firm.

Falcon Global Capital, which had previously filed paperwork for director Brett Stapper to lobby Congress and federal agencies, has also hired Washington law firm Thompson Hine to talk about the money, according to a recently filed federal disclosure form.

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In the registration form, the firm says it will lobby on “Education and advocacy of Bitcoin and other crypto-graphic based currencies.”

Bitcoins only exist virtually but can be traded for cash according to a fluctuating exchange rate and also used to buy some goods and services.  

The relatively anonymity of the money and its heretofore underground nature has attached a stigma that has made some lawmakers and regulators reticent to endorse it.

But major Wall Street firms are growing interested, and say that the currency could hold potential for sending money cheaply and easily. Some businesses have also paid attention, and companies from Overstock to DISH satellite television have announced that they will accept the money. 

In addition to Falcon Global Capital, which buys large amounts of bitcoins for investors to sell when the price rises, MasterCard lobbyists have also discussed the currency with federal officials. 

The price of bitcoins can fluctuate rapidly, which can be attractive to investors. Currently, one bitcoin is worth about $650, up $200 from just two months ago.