Bitcoin Value Soars As Europeans Seek Private-Sector Currency To Protect Their Wealth

Who would have thought, even a few years ago, that something like this would be happening?

The cryptocurrency bitcoin is becoming increasingly popular. All bitcoins now in circulation (there are about 10.9 million of them) are now worth more than a billion dollars. The debt crisis in Cyprus is being cited as one of the reasons that bitcoin is exploding in value as more Europeans seek ways to keep the government away from their money.

Last week the value of Bitcoin increased 30%, with observers saying the Cyprus money-grab was the reason.

It’s hard to argue with the desire of citizens to protect their wealth from kleptocratic governments looking to fuel never-ending spending growth. The question is, how long until Bitcoin is targeted for take down by governments not happy with currency competition?