The Phaserl


Bitcoin: Hoping for the Best After Bernanke’s Endorsement

from The Daily Bell:

The strange convergence of Bernanke, Hayek and Bitcoin … Every time Federal Reserve Chairman Ben Bernanke opens his mouth, the markets move. But few could have guessed that in an offhand remark he would add legitimacy to the Bitcoin, the virtual currency that competes with the American dollar as a reserve currency and an international trading medium. Yet that is what he did when he held out a friendly hand to the notion of fantasy currencies in a letter to the Senate Committee on Homeland Security and Government Affairs. Understandably, this improbable endorsement from the guardian of the mighty dollar sent the value of the Bitcoin soaring. – Reuters

Dominant Social Theme: Maybe bitcoin is the future of money after all.

Free-Market Analysis: Bitcoin is making its way forward as digital money. Perhaps, as we have speculated, it has been chosen to anticipate other such currencies and to be controlled if possible.

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