Regardless of what I think about Bitcoin's longterm significance in the world. I feel this spike in Bitcoins's price might just be Russian mobsters making their money back after the Cyprus nonsense. The timing between the two events is just too convenient and this whole run-up smells like a classic pump and dump from my dot-com trading days.
I thought a lot of that money was accounted for coming out of branches of Cypriot banks that remained open in the UK and Russia.
Not saying that bitcoin isn't where some or a lot of it ended up, but the black market was basically the first adopter of bitcoin, and black markets (and pornographers) are traditionally early adopters of any new technology.
Sort of the price we pay.
Doesn't mean it's a pump and dump. If it is where international criminal syndicates (who probably have more economic power than some nations) decide to bank long term in bitcoins it might actually be a stabilizing force.
