Bitcoin: according to Google trends, Russia is the most Bit-curious country

UPDATE: Bitcoin up again, now over $150

The number of people typing "Bitcoin" into Google is rising everywhere as the value of the virtual currency increases - but nowhere are searchers more feverish than in Russia. According to Google trends Russians are performing the most searches for "Bitcoin" -  followed by Estonia, and then the US and Finland.

The Telegraph suggests this lends support to the idea that Bitcoin's recent rise was driven by the situation in Cyprus, as government trust plummeted and savers looked for ways to circumvent the banks. Russian businesses were hit particularly hard by the crisis as they accounted for around €19bn of Cypriot deposits.

But Russia was topping Bitcoin Google trends as far back as July 2011, and there might be older reasons for Russian interest. The currency has obvious advantages in BRIC countries - bitcoinmoney.com outlined a few of them in this post 9 months ago:

Bitcoin has a bigger potential to improve the lives for those whose savings are at risk of devaluation through inflation, for those whose payments are made costlier as the result of payment system fees, and most importantly for those whose governments impose restrictions on how their money is used.

And once online wagering services like SatoshiDICE had added translations into Russian, the currency faced no barriers to expansion:

Because Bitcoin is not a corporation, nor a bank, nor an agency of any government, nor any formal organization it can thus continue to expand, permeating the BRICs and beyond, organically just as it exists today.  This is an expected and natural progression for this currency.

The currency value continues to soar - on Friday, a single Bitcoin traded at around $135.

UPDATE: now over $150, according to Business Insider

These bears don't know what Bitcoin is. Photograph: Getty Images
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Tony Blair won't endorse the Labour leader - Jeremy Corbyn's fans are celebrating

The thrice-elected Prime Minister is no fan of the new Labour leader. 

Labour heavyweights usually support each other - at least in public. But the former Prime Minister Tony Blair couldn't bring himself to do so when asked on Sky News.

He dodged the question of whether the current Labour leader was the best person to lead the country, instead urging voters not to give Theresa May a "blank cheque". 

If this seems shocking, it's worth remembering that Corbyn refused to say whether he would pick "Trotskyism or Blairism" during the Labour leadership campaign. Corbyn was after all behind the Stop the War Coalition, which opposed Blair's decision to join the invasion of Iraq. 

For some Corbyn supporters, it seems that there couldn't be a greater boon than the thrice-elected PM witholding his endorsement in a critical general election. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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