23 Mar '13, 12pm

Cyprus Crisis Boosts Odd Currency - Bitcoins

Cyprus Crisis Boosts Odd Currency - Bitcoins

The use of the virtual currency, bitcoins, is one the rise. (Getty Images) Currency markets are keeping close track of Cyprus' banking crisis and are braced for possible repercussions, but one currency has thrived in the chaos and zoomed in value -- Bitcoins . A Bitcoin is a digital currency that is traded electronically and does not need government backing. Despite its name, there is no coin to put in your pocket. Two weeks ago, one Bitcoin was worth $40, then a record high. Today, it's worth $72, largely because of "incremental interest" from euro and Russian ruble holders who are terrified by the situation in Cyprus, said Nicholas Colas, chief market strategist at ConvergEx Group, a financial technology company in Manhattan. "The best-performing currency year-to-date has no home country, no central banker and no physical scrip," Colas said. The Bitcoin is "clearly havin...

Full article: http://abcnews.go.com/Business/cyprus-crisis-boosting-uni...

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