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Author Topic: 2013-1-28 -- Bloomberg: Bitcoin’s Gains May Fuel Central Bank Concerns...  (Read 3655 times)
The Fool
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January 28, 2013, 04:56:00 PM
 #1

http://www.bloomberg.com/news/2013-01-28/bitcoin-s-gains-may-fuel-central-bank-concerns-chart-of-the-day.html

Quote
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.

Greater demand for virtual currencies could have a negative impact on the reputation of central banks, according to a report published by the European Central Bank in October last year. Since the report was released, bitcoin has risen more than 55 percent against the dollar and use of the currency has surged.

Bitpay Inc., a bitcoin payment processing company that recently raised $510,000 in an investment round, this month announced that the number of companies using its services has increased almost 50 percent to more than 2,000 since November, when blog management firm WordPress.com said it would accept the digital currency.

“I think the ECB obviously is concerned, and it’s not reputational,” said Steve Hanke, a professor at Johns Hopkins University in Baltimore who helped to establish new currency regimes in countries such as Argentina and Bulgaria. “I think it’s a competitive threat. Maybe virtual currencies will be so convenient that they will pose a threat because of their ease of use.”

Virtual currencies “could have a negative impact on the reputation of central banks” if their use grows considerably, the Frankfurt-based ECB said in its research paper. “This risk should be considered when assessing the overall risk situation of central banks.”
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cypherdoc
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January 28, 2013, 05:18:24 PM
 #2

i know this article references the oldish ECB report of last year but OTOH, hitting Bloomberg news is as if this is a fresh new smack in the face.
beckspace
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January 28, 2013, 05:39:55 PM
 #3

Bloomberg's Chart of the Day:


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evoorhees
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January 28, 2013, 05:57:44 PM
 #4

Made front page:

BCB
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January 28, 2013, 06:01:37 PM
 #5

Bloomberg's Chart of the Day:



Going UP UP UP!
dree12
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January 28, 2013, 06:03:10 PM
 #6

Bloomberg's Chart of the Day:



Going UP UP UP!


Does your nickname stand for "Bitcoin Central Bank"? Tongue
BCB
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January 28, 2013, 06:03:37 PM
 #7

Bloomberg's Chart of the Day:



Going UP UP UP!


Does your nickname stand for "Bitcoin Central Bank"? Tongue

Maybe....
twolifeinexile
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January 28, 2013, 06:22:17 PM
 #8

May fuel speculation on...
beckspace
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January 29, 2013, 02:23:08 AM
 #9

I like this dubious critic from commenter TroubleBaby:

Quote
I only leave what I can afford to lose in the bank.

Leaving your money in the bank is risky, I know. I feel this quote backfired!!  Grin

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