Bitcoin total value tops $1 Billion

bitcoin

http://rt.com/news/bitcoin-challenge-dollar-currency-121/

Already bigger than many sovereign currencies, Bitcoin has broken the $1 billion in value mark this week. In the wake of continuing economic crises and liquidity shortages, this new virtual currency is poised to challenge the euro and US dollar.

By not being tied to any particular financial institution and independent from world governments, Bitcoin will become a safe haven for anyone trying to save their money from the crippled international banking system, claimed Max Keiser, the host of RT’s Keiser Report.

“It is inevitable that Bitcoin will become a multi-trillion dollar enterprise because every other currency in the world is tied to dying central banks that are encumbered with impossible-to-pay debts and bankrupt counter-party risks,” Keiser said.

Bitcoin emerged in 2009 amid the global financial meltdown. The digital currency was created by someone who identified himself as Satoshi Nakamoto. It is based on open-source software, and uses peer-to-peer connections for monetary transactions to avoid centralized authorities.

Bitcoin aims to provide safe and secure exchange by verifying transactions with encryption that is used in military and government applications. And unlike bank services, the Bitcoin network is free, except for a voluntary to speed up transaction processing.

Issuance of the currency is completely automated, with 25 new bitcoins generated every 10 minutes; inflation is set to be halved every four years, until a total of 21 million bitcoins is reached. In theory, the currency would not lose its purchasing power unless individuals and businesses refused to use bitcoins.

With numerous financial companies already exchanging bitcoins into any of the world’s currencies, the founder of the Swedish Pirate Party, Rick Falkvinge, estimated that Bitcoin could capture between 1 and 10 percent of the global foreign exchange market. This implies that the price of each and every bitcoin would rise to between $100,000 and $1 million, Max Keiser explained.

“I have stated that myself,” Keiser said. “I think bitcoin’s price will reach $200,000 per bitcoin before Warren Buffett’s Berkshire Hathaway’s stock.”

Ten years ago, few predicted that Facebook would have more than 1 billion users worldwide/ By the same token, few today imagine bitcoin could take on the G20 nations, but Keiser believes this may soon take place: “Bitcoin’s valuation, already bigger than many sovereign currencies, will challenge the most-traded currencies today, including the US dollar, the euro, the yen and the renminbi.”

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a really interesting and growing phenomena..thoughts?

will it get as big as max says it will?

401

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~ by seeker401 on April 3, 2013.

16 Responses to “Bitcoin total value tops $1 Billion”

  1. Isn’t he also saying get physical?

    • yeah he does..so what is it max?..ive gone off a bit him of late..shills to much for my liking..

  2. can u say ponzi? i knew that u could.

  3. I stopped watching his show after he introduced the pussyriots as revolutionaries. Plus i didn’t like the way he burned a banking note in a country where a large part of the populace is starving.
    He’s relevant and amusing however.

    I’ll give a shot with mining for a while when computer’s on.

    • Max Kaiser: German and Scottish Ancestry, Hugh Maxwell, V 1777-1860

      Hollywierd:
      Keiser is the creator, co-founder, and former CEO of HSX Holdings/Hollywood Stock Exchange, later sold to Cantor Fitzgerald.[5] Alongside Michael R. Burns, he co-created the Hollywood Stock Exchange,[6] which allows traders to exchange virtual securities, such as “MovieStocks” and “StarBonds,” with convertible virtual currency, the “Hollywood Dollar.”

  4. Reblogged this on Awakestate.

  5. [...] Bitcoin total value tops $1 Billion (seeker401.wordpress.com) [...]

  6. Jct: Isn’t that going to be a spectacular crash. Just like the days when everyone thought tulips were great value. Imagine, a token based on wasted computer time being bid up in worth to billions! Har har har. Of course, if it’s meant to bring down heat on the real interest-free currency resistance, then the crash should be soon. How many suckers can there be? Har har har. Lots so far.

    • Since its inception I have struggled to get my head around how they are creating anything of value.

  7. Looks like the tulip bubble indeed. Look at who the victims could be:

    In french press march 2013: prime minister announced that civil servants will be paid in bitcoins in 2015.

    As for the badder the news the higher wall street is. It seems that the more the security breaches the higher the price of the bitcoin.

    Or is it the opportunity to pass capital control silently? with the corruption news and resignation of finance minister Cahuzac, France’s trying to find ways to avoid this to happen again. French are heading to all digital with redshields’ supervision.

    • I can’t believe that. Like xxx says,it’s got Ponzi written all over it. That should be very clear. If it looks like a duck, is yellow and it goes “quack”..well..

    • Couldn’t a super super computer be put into bitcoin production,create squillions of them and crash the value? Like QE does. I know it has this ceiling of production they say but that won’t last.

      • Like Keiser says unless it’s tangible it has no real value. Apparently they’ll divide a bitcoin unit into lower units, the idea would be not to grow the mass but do the opposite by splitting the unit into lesser and lesser units. It basically is the same process. There is only One so you need to share your tiny bit by splitting it into tiny bits and the bigger the demand the more expensive the bit. Expensive does not mean valuable.

        Also, could the yet unregulated virtual currency be used as a false flag as well? e.g. “Indian hackers smacked the trendy new currency Bitcoin. Currency war went a step further declared american president obama. Russia says that the us accusation towards India are false, their screen did not see any anomaly. The mumbay family massacre last month in Detroit leads to a question of gun control insists Miss Rice.” Any similarities with precedented events are coincidental.

        I’ll get my head into the bitcoin file as soon as i can, mining could be the opportunity to dig deeper.

  8. ..trying to get around the Matrix whilst living within the Matrix and purchasing real goods within.. meh. i don’t think it will get far until The Powers That Be comes down hard on this ‘Bitcoin’.

  9. amazing when anybody trying to smell any value of crap… )))

    (c) North Cyprus

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