Jerry Brito on Bitcoin vs. Big Government


Credit: zcopley / / CC BY-SA

Interest in the virtual currency known as Bitcoin has surged along with its valuation. Last week saw its exchange rate soar past $100 for the first time ever, landing Bitcoin on the front pages of The Washington Post and the Financial Times. Yet the media frenzy, writes Jerry Brito, which has focused on the rapidly rising valuation and its possible causes stemming from the bank crisis in Cyprus, is overlooking Bitcoin's true radical significance—digital cash can't be controlled by government and can therefore help undermine state power.