Bitcoin – Are we riding the crest of a wave, or riding a steady train?

Since I wrote my bitcoin article, the BTC to dollar rate zoomed up more than 10 times its value then. From about 16 USD per coin, to about 190 USD per coin.

Some say it’s a bubble ready to burst. But there are very legitimate reasons for this spurt. People are tired of banks sucking them dry, and then using their money (tax or other) to rescue themselves  from financial downfall (of their own creation). The latest events in Cypress, Greece and Spain pushed people to find alternatives to the FIAT (state issued) currencies. Alternatives that cannot be confiscated, taken, or misused by the banks or the governments. In essence, it seems the banks and the governments drove people towards bitcoin and the like.

And the worse the global financial woes get, the higher bitcoin will soar. As a side-effect it’s getting a huge press boost which in turn pushes the curiosity and interest of people sky high, which makes them want to buy or mine bitcoin, and pushes the value even higher.

The higher it gets, the bigger the volume of commerce, and the more stable it will get.

That’s my bit.


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