22 Mar '13, 9pm

As Cyprus Implodes, Bitcoin Interest Explodes | Fox Business via @foxbusiness

As policymakers in Europe threaten the sanctity of bank deposits in crumbling Cyprus, the faceless operators of decentralized electronic currency Bitcoin must be smiling somewhere. The currency, a favorite among those worried about the safety of traditional banking and paper currency, is emerging as an apparent winner from the drama surrounding the bailout of tiny Cyprus. Bitcoin “is clearly having a breakthrough moment here, and a deeply surprising one given its novelty and nascent infrastructure,” said Nicholas Colas, chief market strategist at ConvergEx, in a note on Friday. To be sure, Bitcoin is still a relatively new and small system that is subject to technical glitches and regulators are only now scrambling to keep up. Still, led by surging interest in the embattled eurozone and Russia (a favorite client of Cypriot banks), that breakthrough is clear through a numbe...

Full article: http://www.foxbusiness.com/investing/2013/03/22/bitcoin-i...

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