Forget gold. The hot investment during this time of economic uncertainty in Europe appears to be Bitcoin.
Earlier this month, the peer-to-peer virtual currency was trading at a record $40 for one Bitcoin, more than doubling its value since January, when it was languishing in the midteens. In the past three weeks, it has doubled again, trading as high as $95 today.
All told, it’s an increase of nearly 350 percent in the past two months, and much of it is because of the banking crisis in Cyprus.
Bitcoin “is clearly having a breakthrough moment here, and a deeply surprising one given its novelty and nascent infrastructure,” Nicholas Colas, chief market strategist at financial technology company ConvergEx Group, wrote in a recent research note.