Bitcoin Surges, Is It On Track to Become a ‘Reserve Currency’?

Talking Points

  • Bitcoin has posted its biggest three-day rally versus the Dollar since December 2013
  • Among the reasons being offered are Europe’s VAT ruling, China capital holes and ‘reserve’ talk
  • The fledgling fiat alternative can reflect a fledgling market, Chinese FX gap and SDR evolution

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Cryptocurrency Bitcoin has found its way to a dramatic recovery. There are numerous reasons being offered, but this move may be more important for what it can reflect in the financial system. First, taking stock of the impressive move carved out by Bitcoin, the e-currency has charged its strongest run against the benchmark fiat currency in nearly two years. In the three-days through early Asia trade Wednesday morning, the BTC-USD exchange rate climbed an incredible 33 percent. For comparison, the run versus the Euro tallied as much as 25 percent, Pound 27 percent and Chinese Yuan 30 percent.

Bitcoin Surges, Is It On Track to Become a 'Reserve<p><a href=Read more ... source: TheBitcoinNews