Bitcoin Mania

Bitcoin and other virtual currencies have been receiving quite a bit of press recently. As reported by the WSJ, federal officials recently offered testimony to U.S. Senate committees stating that while these currencies are attractive to criminals, they do in fact have legitimate uses.  Additionally, according to Ben Bernake, Federal Reserve Chairman, they “may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system .”

A Bitcoin purchased on Jan 1st, 2013 for $13, today would be worth $1,120, which is the value of a Bitcoin that recently traded on the BTC China platform.  In fact according to Forbes, Baidu Jiasule, which manages Baidu’s firewall, announced it would accept Bitcoins. Baidu is a large Chinese search and ecommerce site that allows for the purchase of multimedia content including music and movies.  It will be interesting to see if Amazon and Google follow suite in the future  or if this is just a fad.