Bitcoin has been on the rise this week. Many speculators thought that The Silk Road sting would have caused it’s value to drop, as the transactions of The Silk Road were all done exclusively via the cryptocurrency. I wrote in a previous post that the Silk Road situation is actually good for Bitcoin and it seems to be coming true.
There are numerous factors that effect the rise or fall of Bitcoin. Here are a few of them: extensive media coverage, exposure by the Silk Road, currency fluctuation in China, and fluctuations of the US dollar.
Baidu has begun accepting Bitcoin. Houses can be bought with Bitcoin in Canada. Beers can be bought with Bitcoin in Australia. It is unquestionably turning into a very viable currency. To ignore that fact would be simply foolish.