Just two weeks after the Feds shuttered the Silk Road, the notorious online drug
bazaar, bitcoin prices have touched a five-month high—with a single bitcoin
fetching nearly $156 each on Tokyo-based exchange Mt. Gox.
Bitcoin’s resiliency can no longer be
denied, especially as the digital currency continued its ascendancy even
against the backdrop of a US government in utter disarray. At the 11th hour of
the crisis, President Obama signed a bill that ended the partial government
shutdown and, more importantly, raised the debt ceiling, an arbitrary limit on
the amount of money the country can borrow that would have been surpassed
today. If Congress had failed to reach a deal and the US was unable to pay its
bills, the results might have been catastrophic, eclipsing the bankruptcy of
Lehman Brothers five years ago, the domino that could trigger the worst
financial crisis since the Great Depression.
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