19 Mar '13, 5pm

#Dailychart: Today's chart reveals that the record price of the "crypto-currency", Bitcoin, looks like a bubble

NOT MANY fund-managers have heard of Bitcoin, let alone put any of their clients’ money in it. But over the past few months, the world’s first “crypto-currency” has become one of the world’s hottest investments. Since September, when The Economist last wrote about it , the price of a unit of Bitcoin as recorded by Mt Gox, a popular Bitcoin exchange, has soared. Unlike other online currencies—such as the new Amazon Coins —the supply of Bitcoin is not determined by any central issuing authority. Instead, new coins are generated according to a predetermined formula by thousands of computers solving complex mathematical problems. As more coins are generated, these problems get ever more complex, increasing the cost of computing power necessary to generate them, and so setting a floor underneath the price. Mimicking gold, the currency is designed to be deflationary. However, th...

Full article: http://www.economist.com/blogs/graphicdetail/2013/03/dail...

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Our daily chart is on Bitcoin, whose record pri...

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This is what a bubble looks like:

This is what a bubble looks like:

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