21 Mar '13, 9pm

#Bitcoin spikes in value, prompting fears of a new bubble

#Bitcoin spikes in value, prompting fears of a new bubble

Today the digital currency Bitcoin spiked in value, increasing almost 70 percent in two days. Most analysts credit the ongoing Cyprus banking crisis as forcing the price up. One Bitcoin entrepreneur, however, believes recent actions by the U.S. Department of Treasury has legitimized the currently to a degree that heavy hitters see it as a legitimate investment. The currency rose from $42 to $72, according to Bitcoin Charts , hitting a high of $74.90, according to Mt. Gox , the largest Bitcoin exchange. It is trading at 145 percent what it was a month ago. Once relegated to black markets of the Web, Bitcoin is a difficult-to-trace digital currency that does not rely on a government or central bank to be bought or used. It has become increasingly popular, with users employing it to buy everything from pizza to electronics; others have used it to pay their employees or simply...

Full article: http://www.dailydot.com/business/bitcoin-value-spike-bubb...

Tweets

Digital currency value skyrockets in wake of Cyprus crisis: Bitcoin bubble.

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