The Bitcoin Blog

What a comeback. The digital currency that so often has been proclaimed dead, has risen from around $163 just two years ago, to now breach the all-time high on the average price weighed index. Bitcoin Surpasses All-Time High Bitcoin stood, across exchanges, at $1,147 in late 2013. Now, on a weighted average, it stands at $1,190 (12:54 am 24/02/2017  Nigerian Time) officially breaking the all-time high. Few thought this will happen. Mired in controversy regarding  transaction backlogs  – a Champaign problem some say, we have too many users, how do we make space for more in a way physical resources allow – challenged too by new cool kids such as ethereum, disparaged by the more stiff upper lips who kept proclaiming blockchain, but not bitcoin – the digital currency marches, unperturbed, undeterred, proving, once more, all wrong. It’s market now is nearing $20 billion. It finds mentions in TV sitcoms, it is accepted by Microsoft, it is patroned by that naked, ...

Former US Federal Reserve Chairman Alan Greenspan calls for a return to the gold standard as Bitcoin becomes positioned to take gold’s place as the world’s reserve store of value. Greenspan, who was the chairman of the US central bank from 1987 to 2006, presided over a period of “easy money policy” of low interest rates to provoke economic growth. This policy drew criticism from business leaders such as Steve Forbes for weakening the dollar and pushing commodities such as gold past its 12-year moving average in 2004. Since retirement, however, Greenspan has come out in favor of a more sound monetary policy, including a favorable view of gold as the world’s reserve currency: “I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature.” Sound money as a defense against looming stagflation Last year, Greenspan had adopted a similar position on currency, urging a return to the gold s...