Bitcoin

Bitcoin Busts Out! Federal Reserve to Blame?

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Those delightful doomsayers at Zerohedge may or may not be kidding when they float the idea after contemplating in charts the 14 times rise in Bitcoin value in dollar terms in the past year, and the 50 percent rise in just the past two days, "which line item on the Fed's Balance Sheet is 'Virtual Currency Transactions'… what better way to destroy an up and coming currency competitor than to blow a bubble in it and explode it?"

As someone who did not buy bitcoins two year ago when all his crazy friends were advising him to, I am agnostic (and quivering with rage!). When people start wondering if the Federal Reserve is deliberately "helping" the private digital competition, we are perhaps through a rabbit hole, perhaps fretting unduly as a wonderful new world unfolds, or perhaps just making wild guesses about simple causal explanations for the impossibly complicated blooming buzzing confusion of the ol' catallaxy.

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