The Bitcoin surge is a crisis of faith:

Simultaneously [with the Cyprus crisis], the value of BitCoin shot through the roof.Why?

Is it because BitCoin is well designed as a replacement for the currency that currently operates enormous economies in seventeen industrialized nations? Could it possibly be used as a replacement for the currency that underlies trillions in financial instruments, corporate debt, sovereign debt and more? Not even close.

So what does this signal? A crisis of faith.

The market is telling the world’s central bankers that their attempts to neatly control all of the world’s economic activity from a handful of cities (controlled by apparatchiks from a handful of universities) are a failure.

Bitcoin is seeing widespread support like no other alternative currency before.

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