If this catches on Bitcoin could go to the moon.
My favoured place to watch Bitcoin’s price movements is Bitcoinity.org. It takes feeds from a number of sources and you can watch the price of Bitcoins in a number of different currencies. Usually it’s a Mt Gox feed in US dollars.
But this morning when the page loaded there was the following message.
So instead of Bitcoin being quoted in at $1230 near the new all time high of $1242 it was quote at a much more accessible 1.230.
Now it just simple maths, the new unit is 1/100th of a Bitcoin but as the share market and stock splits have shown over the years often, sometimes inevitably, all the split does is give renewed fuel to a bullish pulse.
The behavioural psychologists and economists will tell us that if this Bitcoinity.org trend catches on and Bitcoins are suddenly “more affordable” (even if they are now only 1000th of a coin then more people can operate in the market and with a limited supply the price of Bitcoins will rally.
I think I might go buy me some Bitcoins.