23 Oct '13, 4pm

How Bitcoin Could Become a Viable Currency

How Bitcoin Could Become a Viable Currency

There's been no end to bitcoin's volatility in 2013. The decentralized electronic crypto-currency has risen 15 fold relative to the U.S. dollar since the beginning of the year, from $13.30 on December 31 to $205.50 on October 22, its highest price since April. This extreme momentum is fueled by speculators betting on huge upside in the event bitcoin continues to get adopted by more businesses and over time evolves into an accepted means of exchange. The resulting bullish price behavior has then attracted traders who observe the rise and pile in, expecting the trend to continue. Finally, the upside is exacerbated by illiquidity, or the limited bitcoin supply. So far in October alone, bitcoin has rallied 46% and had three days with swings of 15% or more. Back in the spring, there was a one-month period in which it traded from $47 up to $266, a 565% gain, and then dropped bac...

Full article: http://finance.yahoo.com/blogs/the-exchange/bitcoin-could...

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