23 Oct '13, 9am

Bitcoin Booms, China Helps

Bitcoin Booms, China Helps

The price of a Bitcoin (BTC), the much-discussed and highly volatile crypto-currency, has topped $200 for only the second time in its history. This was likely abetted by the optimism that Baidu – often referred to as China’s Google – inspired when it began accepting BTC as payment for a subsidiary service. At least one source, Forex Magnates , has determined that Baidu’s announcement rallied Chinese demand for the currency. For readers unfamiliar with Baidu, consider that the traffic measurement service Alexa has it as the fifth most-visited website in the world, ahead of the likes of Wikipedia, Twitter, and Amazon. Bitcoin has seen wide coverage in the Western technology press. The most recent flurry of attention accompanied the FBI’s shut-down of the Silk Road , an online drug exchange that used Bitcoin as its unit of barter. Prior to that, many had speculated that the S...

Full article: http://thediplomat.com/pacific-money/2013/10/23/bitcoin-b...

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