THE Silk Road of Bitcoin fame might be under duress but all other Bitcoin roads seem to lead to Singapore. Even as Tokyo-based Bitcoin exchange Mt.Gox filed for bankruptcy protection yesterday, Bitcoin money and players have been beating a path to Singapore, seeking sanctuary in its tax laws and Bitcoin-friendly stance.
Singapore-based exchange, itBit, for example, saw trading volumes surge to 10 times their normal volume over the past few days, as a flight to safety ensued. The value of transactions spiked earlier this week to more than $1 million, before settling at $500,000 daily later in the week.
"We have built our platform to be able to scale significantly upwards from here so we...