Interestingly, the value of bitcoin began to soar just after April 2013, when Cypriot banks confiscated Russian deposits under the pretext of the claim that the assets belonged to the Russian mafia. The move was part of a €10 billion bailout deal with the European Union.
Since then, many investors have turned to bitcoin. During last year’s Thanksgiving weekend in the US, the number of users on the electronic bitcoin stock market exceeded 13,3 million.
And after accumulating hundreds of millions of dollars in investment capital, bitcoin has been equipped with the latest technology needed for ‘mining’ – the process that creates the virtual coins.
According to unofficial sources, the largest concentration of this equipment – or mining ‘nests’ – is located in China and Russia.
All of these advances are creating realistic conditions for the crypto currency to take over global monetary transactions, undermining the monopoly of the existing banking system.