BitCoins were last big in the news seven months ago when their price rocketed upwards to near $300 apiece. Soon thereafter, the price dropped significantly (though still far above its previous low and the digital currency resumed its somewhat quiet use in the background.

In the past month, BitCoins surged again to not only meet last May's value but quadruple it with a peak touching over $1200 each. Despite that, governments and economists continue to have mixed opinions on the digital currency. Former Federal Reserve Chairman Alan Greenspan questions their intrinsic value (ED, though the dollar isn't backed by anything these days either):

"There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it’s a government or an individual."

The US government has stated it has no plans to regulate the exchange of BitCoins, but has recognized them as a legitimate currency. This is contrary to the approach just taken by China (where the world's largest BitCoin exchange resides) where they are following precedent with QQ coins in not recognizing BitCoins as legitimate. Interestingly, China's announced position on BitCoins Bank Of America from valuing the digital currency at $1300 apiece.

"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers. As a medium of exchange, Bitcoin has a clear potential for growth."