Is Bloomberg Single-Handedly Saving Bitcoin as a Virtual Currency?

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The craze around Bitcoin has been monumental. This will either become a great alternative currency, or it will become one of the most obvious bubbles (after the fact, of course) in modern times. After Bitcoin’s most recent fall from grace, Bloomberg has been running the “12 Days of Bitcoin” as an equivalent of a “Life Around Bitcoin” feature. This may seem like a totally silly notion, but it is possible that this feature may be adding much more interest to what could have been a serious blow, or even the beginning of death, of what many people in the world would like to see become the next real world virtual currency.

Bitcoin was around $910 on last look, but the virtual currency was briefly back over $1,000 on Wednesday. Keep in mind that in recent days this virtual currency fell from over $1,200 down to under $800 before the recent recovery. This same recovery coincides with Bloomberg’s “12 Days” feature airing and the effort is taking up much of the financial news network’s airing time.

CNBC has been giving Bitcoin much coverage as well. This financial network has some 12 articles (including some video segment clips) since Monday (as of noon EST on Wednesday).

Bloomberg’s Matt Miller has been featuring the 12 Days of Bitcoin showing what can be done using Bitcoin and this feature is ongoing. The series is bringing on supporters of Bitcoin, as well as many merchants who are starting to accept or have been accepting the virtual currency.

What is so interesting about Bitcoin is that there are effectively bad odds against its widespread adoption at the moment. That being said, there are many supporters of the effort as well who want to see this become “the new money” for transacting purchases.

Alan Greenspan recently crawled out of the crypt and called Bitcoin a bubble. China has barred financial institutions from using Bitcoin for transactions, while letting individuals and consumer companies decide on their own. Baidu suspended Bitcoin transactions. And still, some want Bitcoin to be the next global currency.

As a reminder, who really created Bitcoin remains a mystery and the maximum number of Bitcoins is fixed at 21 million. The chart below has been compressed from the MtGox exchange site.

Bitcoin chart 12 11 13
Source: MtGox