Bitcoin News: Summary - Bitcoin Ends Month Up 22%, Quarter Up 85%, YTD 2012 Now Up 162%

Summary - Bitcoin Ends Month Up 22%, Quarter Up 85%, YTD 2012 Now Up 162%

Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of September, 2012. Excerpts:

“For the seventh month in a row, the BTC/USD exchange rate ended higher than the level it was at when the month had begun.”
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“The closing price of $12.40 USD was more than two dollars above the previous month’s close giving a 22% gain for the month. The second quarter had closed at $6.69 so the closing price for Q3 2012 shows a gain of 85%. For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds 162%.”
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“Starting the month off on the wrong foot was the security breach at the U.S. exchange BitFloor in which 24,000 bitcoins were heisted.”
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“Not only did [the Romney tax return hoax] allow the media to portray Bitcoin in a bad light, the Secret Service is now well aware of Bitcoin.”
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“That wasn’t the only interest in Bitcoin from the U.S. government this past month. It appears that the Securities and Exchange Commission (SEC) is interested in a particular high-yield investment program (HYIP) […].”
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“Additionally, Federal Reserve staff are now in possession of bitcoins.”
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“So even with these developments, why might the exchange rate be still rising? Block 210,000. […] At the moment the drop occurs (expected around November 30th) the rate of currency inflation will drop from a 25% per-year level to just 12.5%.”
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“If the block subsidy drop weren’t enough to kill off GPU mining, delivery of the order backlog from just one of these ASIC manufacturers will be enough to finish the job.”
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“In September, we heard from Digital Gold Currency (DGC) Magazine’s Julia who believes Bitcoin “opens the door” for alternatives to fiat — a sentiment echoed by GoldMoney founder James Turk.”
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“What may be a telling sign of Bitcoin’s potential is when a small Bitcoin upstart is not just seen as an attractive acquisition target but instead becomes the acquirer. This happened with Ogrr […].”
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“Bitcoin is not just some form of electronic cash. Bitcoin is the focal point of innovation that defines money on entirely new terms.”