Increasing interest and use of the currency in Australia has led to The Australian Taxation Office identifying it as a potential avenue for investigation.
While the currency is treated as suspect by many global authorities, because of its use in some criminal activities, Mr Ferguson said Bitcoin could ultimately be accepted by financial regulators and, eventually, usable on services like PayPal.
"I think it's going to have a lot of near-term challenges, it's going to come under intense scrutiny by governments," he said. "There's arguments to be made that governments will embrace it because at least it provides traceability of transactions. You can't say that about cash."
Sign up for Computerworld eNewsletters.