“So why the sudden run-up in value? Some point to the recent crisis over Cypriot banks, which made a currency beyond the control of governments more tempting. And as with a run-up in anything tradable there is also the hypnotic logic that says the price went up today, so that means it will go up tomorrow. Some observers and investors also make the case that bitcoins are in fact undervalued: The total value of the world’s economic activity is enormous. There are certain transactions that are ideal for bitcoins because the currency is relatively anonymous and does not need to be processed by a financial organization or a government.”
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