At the Casey Research Summit this past weekend in Tucson, AZ, it was a resource heavy libertarian crowd looking for the next big score in the commodities market in addition to tips and tricks on how to avoid the prying hands of big brother. One thing that was touched on a couple of times was the digital currency Bitcoin. As a digital asset, Bitcoin can be seen as the antithesis to hard assets, however, reception for the cryptocurrency was surprisingly warm down in Southern Arizona.

Frank Trotter of Everbank explained that the blockchain is here to stay and is driving the banking system towards rapid innovation. He did say that Bitcoin likely wouldn’t come in and replace the fiat currency system, however, reiterated his belief that the digital currency is here to stay.

On the other hand, Doug Casey predicted that in the near future we would be using a form of digital gold and / or Bitcoin to execute transactions once the fiat currency system collapses. Doug didn’t come out and say he was a determined bull of the digital currency, but when one of the most legendary hard asset investors of all time warms up to an idea, you listen.

All in all, Bitcoin isn’t going away and the contrarian investment community at least respects the technology and the underlying architecture. My feeling is that people still aren’t sure what to think about the digital currency and are interested to see if it will survive the next crash, nonetheless, there was almost unanimous agreement in Bitcoin’s ability to transfer value across borders and force innovation in an antiquated system...bullish signs indeed.