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Bitcoin Currency Surpasses 20 National Currencies In Total Value

Posted by samzenpus on from the fake-money dept.

Velcroman1 writes "More than $1 billion worth of bitcoins now circulate on the web – an amount that exceeds the value of the entire currency stock of small countries like Liberia, Bhutan, and 18 other countries. Bitcoin is in high demand right now — each bitcoin currently sells for more than $90 U.S. — which bitcoin insiders say is because of world events that have shaken confidence in government-issued currencies. 'Because of what's going on in Cyprus and Europe, people are trying to pull their money out of banks there,' said Tony Gallippi, the CEO BitPay.com, which enables businesses to easily accept bitcoins as payment. 'So they buy gold, they put it under the mattress, or they buy bitcoin,' Gallippi said."

6 of 583 comments (clear)

  1. SELL!!! by BenSchuarmer · · Score: 4, Funny

    time to cash in

    1. Re:SELL!!! by alphatel · · Score: 4, Funny

      1:11 PM - We own the planet!
      3:45 PM - Oh, crashed again...

      --
      When the foot seeks the place of the head, the line is crossed. Know your place. Keep your place. Be a shoe.
    2. Re:SELL!!! by Opportunist · · Score: 5, Funny

      Sounds a bit like Wall Street.

      --
      We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
    3. Re:SELL!!! by ultranova · · Score: 5, Funny

      Try paying for anything in Bitcoins without electricity.

      As opposed to Wall Street stock exchange computers, which run on hellfire and are cooled by the blood of the innocent.

      --

      Forget magic. Any technology distinguishable from divine power is insufficiently advanced.

  2. Re:Buy Now! by Anonymous Coward · · Score: 5, Funny

    Perhaps Bitcoins can be packaged into securities, given a AAA rating, and sold to retirement funds. Win-win!

  3. They probably surpassed ... by ackthpt · · Score: 4, Funny

    They probably surpassed North Korea with their first nickel.

    --

    A feeling of having made the same mistake before: Deja Foobar