In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the bitcoin price plunge as Baidu ditches the crypto currency and China bans it for financial firms. Unnoticed at the same time, Germany declares bitcoin to be private money and Merrill Lynch claims it can replace money transfer systems like Western Union. In the second half, Max interviews Dr. Christos Vlachos, CFO of the University of Nicosia, which is now accepting bitcoin as payment and he explains how the volatility in the price won’t matter to the university. They also discuss Dr. Vlachos’ hope to turn Cyprus into a bitcoin hub.