Bitcoin on Fast Track to $1000

Virtual currency bitcoin is continuing its parabolic surge Tuesday. Bitcoin hit $950 moments ago before backing down to around $940. It is up 18% today and up 340% since the beginning of November when it was around $215.

This month's Congressional hearing on bitcoin only served to strengthen the case for the programer-mined currency after the Department of Justice said it can be a "legal means of exchange." The hearing was scheduled after website Silk Road was shut down in October with its exchange being used for drugs, guns and other illicit goods with participants using bitcoins for transactions.

There are an estimated 12 million Bitcoins currently in calculation out of a grand total of 21 million that can be mined.

The biggest beneficiaries of the recent surge in bitcoin may be the Winklevoss twins. Reportedly, they own 1% of all the bitcoin in circulation and are seeking to create a bitcoin ETF that will be traded publicly.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• BofA says US yen intervention may need stronger follow-up
• Canada Holding Intense Talks With United States To Avoid Additional Tariffs Being Imposed On Aug 19 - Source Directly Familiar With Negotiations - Reuters
• Canada discussing trade concessions with US to avoid new tariffs, says source