Bitcoin is Booming…and it’s Scaring Central Bankers

Bitcoin.  Controversial.  Game changing.  Complicated yet simple.  While most of my non fiat money is in precious metals, there’s a lot I love about Bitcoin.  The dramatic rise and subsequent crash that Bitcoin experienced in 2011 occurred well before I possessed my first unit of this crypto-currency.  Since then, it has recovered dramatically and at $19.65 last check is up almost 4x since the end of 2011.

Bloomberg published an article on Bitcoin a few days ago titled: Bitcoin’s Gains May Fuel Central Bank Concerns: Chart of the Day.  Here are a few excerpts:

An increase in the value of bitcoin, the world’s largest online currency, may fuel concerns that virtual money could undermine the role of central banks.

The CHART OF THE DAY shows that bitcoin has more than doubled in the past 12 months, strengthening to $16.37 from $5.88, according to data from Mt. Gox, the world’s largest bitcoin exchange. The money, issued by a decentralized network of computers, has recovered after falling to $2.14 in November 2011 from a high of $29.58 five months earlier.

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