Is Bitcoin the New Safe-Haven Currency? Bitcoins Surge After Cyprus Bank Raidselfnews Post Europeans woke up this week with a lot less confidence in their banking system after European finance chiefs and the International Monetary Fund announced their plan to steal from private bank accounts in Cyprus in the form of a one-time wealth tax to bailout insolvent banks. These taxes will be frozen and confiscated directly out of citizens private accounts.Most of the 10 billion euros will go to bail out Cypriot banks, according to theNew York Times. Do taxes go directly to private banks now? No wonder Europeans are furious and scrambling to pull their money out of the banking system and park it somewhere safe. And it appears that some are turning to Bitcoin to escape the clutches of the Troika. Downloads of Bitcoin apps surged in Europe over the weekend and Bitcoin reached a record high price of $52 yesterday. The chart below depicts the spike in demand and price for Bitcoin since the Troika theft was announced: Bitcoin, with its lack of central authority and quasi-anonymity, has always been seen as an alternative currency for those protesting central banking. It seems the number of people who are waking up to just how corrupt the system now view Bitcoin as viable. Europe is not the only region to test Bitcoins. Last week, Simon Black reported that companies in Argentina are turning to Bitcoins to bypass recent draconian capital and market controls. Black features a car rental company that has not only begun accepting Bitcoins but are even offering discounts for doing so. Black writes: The benefit for the rental agency is the privacy; they can avoid all the costly fees, bureaucracy, and debilitating capital controls associated with a normal transaction. Plus, they can hold Bitcoins instead of the rapidly depreciating Argentine peso. Whats more, even entire nations are interested in using Bitcoins to get around trade restrictions. Bloomberg reported on how Iranians are using Bitcoins to get around sanctions: I believe that bitcoin is, or will be in the future, a very effective tool for individuals who want to avoid sanctions, currency restrictions, and high inflation in countries such as Iran,Jeremias Kangas of localbitcoins.com told Bloomberg. This unprecedented and brazen robbery in Europe may be what catapults Bitcoin to new heights. If more people view Bitcoin as a safe haven currency, how high can it go? Max Keiser writes Analysts now see $100 BTC within easy reach. I am sticking to my bet. I bet Warren Buffett 100,000 BTC that BTC reaches $200,000 before Berkshire Hathaway does. Read other articles by selfnews Post Here 