Bitcoin Tops $1,000 as Virtual Money Gains Popularity

The price of Bitcoin surpassed $1,000 on the Mt. Gox online exchange, fueled by speculators snapping up the virtual currency as it gains wider acceptance.

Bitcoins, which exist as software and aren’t regulated by any country or banking authority, surged to a record $1,073 today, up more than 80-fold from a year earlier.

The currency has rallied on growing interest from investors in China and the U.S., while merchants are starting to accept Bitcoins for everything from Gummi bears to tuition fees.

The virtual currency gained credibility this month after law enforcement and securities agencies said in U.S. Senate hearings that Bitcoin could be a legitimate means of exchange.

The rally had gathered steam last month after regulators shut down the Silk Road Hidden Website, where people could obtain guns, drugs and other illicit goods using Bitcoins. That generated optimism the digital money would become more widely used for legal purposes.

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Bloomberg: The Fiscal Cliff Will Drive the U.S. Into Recession

House Speaker John Boehner says he was "flabbergasted" when Treasury Secretary Tim Geithner pitched the White House plan to save the nation from the "fiscal cliff." FULL STORY

6 Ways The Fiscal Cliff Could Affect You

Federal Reserve chairman Ben Bernanke used the term "fiscal cliff," it quickly became the newest Washington buzzphrase.

As the deadline to avert the cliff nears, it has overtaken the European debt crisis as the most talked-about story in the financial media.

The fiscal cliff refers to the enactment of a number of laws that would, if not changed before Jan. 1, 2013.

Fiscal cliff would drive the U.S. economy back into recession.

Fiscal cliff would drive the U.S. economy back into recession before end of 2013, a new report from the Congressional Budget Office said. Congressional Budget Office released a report showing that the most harmful consequences of the fiscal cliff, a fully armed and operational fiscal cliff would cost us 3.4 million jobs. Obama Fiscal Cliff Deal Risks Brush With Recession

Chinese elite faces curbs on US visas

..more difficult for China’s ruling elite and their families to receive visas following a series of diplomatic snubs by the Chinese government..

Source: www.ft.com

Man gave $200K to fake online girlfriend

Police in Illinois said a man "was in disbelief" when officers told him the online girlfriend to whom he had given $200,000 was not a real person…

Source: www.upi.com