Bitcoin, the decentralized virtual currency that approximates cash on the internet, had a big day today. The four-year-old currency had its first hearing in Congress as experts from the government, the Bitcoin community, and the nonprofit sector appeared to discuss the implications of the growing popularity of virtual currencies. And while that testimony took place, a single Bitcoin soared to $700 on the market at the tail of a two-week climb.

"Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of many of us," Sen. Tom Carper (D-DE), chairman of the Homeland Security and Governmental Affairs Committee, told a packed room.

http://www.theverge.com/2013/11/18/5119062/senate-committee-hearing-on-bitcoin