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April 15, 2013

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Iang

Bitcoin has survived two bubbles now, which is pretty solid evidence that it is here to stay. It may also have adopted somewhat of a banner position as being the leading barometric critic of central bank policies for inflating and deflating bubbles in the international financial system.

As a contrary indicator to the success of the resolution of the European crisis, it has also placed itself firmly in the crosshairs. But suppressing it might not be so easy, efforts to deal with it might backfire. I suspect the biggest issue here is that the regulators lack a credible message; while they may oppose Bitcoin on principles various, they also create havoc with e.g., depositors in Cyprus, and fear elsewhere. This contrary position lacks credibility in the eyes of savers.

Making depositors responsible for the risks of their flagrantly irresponsible banks (and regulators) may be the harsh medicine that Europe needs. But harsh treatment inflicts consequences. Bitcoin may be one of those costs.

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