Does the Internet Depend on the Survival of Bitcoin?

The market capitalization for Bitcoin has exceeded $1 billion so people are asking: What’s next?

We can see the growth pattern for adoption of this new virtual money take off in places where there is financial stress. In Cyprus, people were desperate to obtain as many bitcoins as they could ahead of deposit confiscations. In Cyprus and other EU countries where the Troika (EU, ECB, and IMF) have providence over these country’s sovereign governments, there is growing alarm and a growing scramble for bitcoins.

Bitcoin is not subject to government control or manipulation like the popular fiat currencies in the world; the U.S. dollar, euro, yen, pound and renminbi, so its value is the result of its utility as money (see my; “Is Bitcoin Money“).

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