Bitcoin May Be the Global Economy's Last Safe Haven

The anarchist virtual currency may be a hoax. It could also be the global economy’s last safe haven
Illustration by Steph Davidson

One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet’s favorite, media-friendly, anarchist crypto-currency. In Spain, Google searches for “Bitcoin” and downloads of Bitcoin apps soared. The value of a Bitcoin went up to $78. Someone put out a press release promising a Bitcoin ATM in Cyprus. Far away, in Canada, a man said he’d sell his house for BTC5,362.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.