Bitcoin Surges, Emerging From a Lull in Interest - The New York Times

Caveat emptor...

"There has also been a surge in demand for Bitcoin in China, where the new interest is being explained by a number of factors, including the drop in the stock market there, as well as the emergence of a new Ponzi scheme tied to Bitcoin. The price of Bitcoin has been rising faster on Chinese exchanges than elsewhere in the world.

Bobby Lee, the chief executive of one of China’s biggest Bitcoin exchanges, BTCC, said that, as was the case in past price spikes, a critical mass of reports on Bitcoin was drawing a new wave of speculators, betting more on the future of the virtual currency than on its current use.

“There are a few tipping points in a row, and you get a tidal wave,” Mr. Lee said. “It’s classic bull market.”"

Bitcoin Surges, Emerging From a Lull in Interest - The New York Times