- Bitcoin on the Move; Rises to $5,856
Dominant cryptocurrency Bitcoin rose by more than 13 percent on Friday to an all-time high of $5,856.
The cyptocurrency that traded at $966 at the beginning of the year, has now gained more than 750 percent in the last one year and worth four times as much as an ounce of gold.
However, the price has been very volatile, plunging below $3,000 in September after China stopped exchangers from carrying out Bitcoin transactions and by October it was trading above $5,000.
Experts have called on central banks and regulators to get serious about digital currencies to curb excesses.
Russian president, Vladimir Putin called for regulation of cryptocurrencies week, saying their use is dangerous as they can be used to launder money, tax evasion and even fund terrorism.
However, he advised against too many barriers, which according to him could further boost the attractiveness of the coin.
Despite warnings, the digital currency has continued to gain acceptance, and just last month, a London based property developer, The Collective, announced it would allow tenants to pay in Bitcoin.
While, Jordan Hiscott, the chief trader at Ayondo Markets, said: “The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes.”
In September, JPMorgan Chase CEO Jamie Dimon called the high flying digital currency a fraud, but instead of his comments scaring investors, it has helped the coin popularity blast through $5,000.
Speaking on Jamie Dimon’s comment, IMF Managing Director Christine Lagarde said people should be aware not to categorize “anything that has to do with digital currencies in those speculations, ponzi-like schemes. It’s a lot more than that.”