Bitcoin smashes $1,000-mark at turn of New Year
Digital currency’s value rises 125% in 12 months
Bitcoin's value hit $1,020 (831) at the turn of the New Year, capping a 125% rise in value across the last 12 months.
The cryptocurrency surpassed the $1,000 mark for the first time since December 2013, more than doubling in value from $432.58 at the start of 2016, according to XE's currency chart.
Some observers attributed its 125% climb in value to growing interest from China, according to the Guardian, whose national currency, the Yuan, lost 7% of its value last year. China is where most bitcoin trading occurs, according to Reuters.
CoinDesk charts showed Bitcoin trading up to $1,029 today, falling to $1,019 before the close of business. This is still some way off its peak value of $1,230 in December 2013, according to XE's data.
"The growing war on cash, and capital controls, is making bitcoin look like a viable, if high risk, alternative," said Paul Gordon, a board member of the UK Digital Currency Association and co-founder of Quantave, a firm seeking to make it easier for institutional investors to access digital currency exchanges.
Bitcoin outperformed all central bank-issued currencies over 2016, but is a volatile medum of exchange. Following its 2013 spike, Bitcoin had lost half of this value by mid-February 2014 after Mt. Gox - the largest Bitcoin exchange at the time - halted withdrawals, before filing for bankruptcy later that month.
However, CoinDesk predicted that this time around, Bitcoin's value will continue to rise, writing: "As asserted by analysts, 2017 is expected to be a banner year, one that could finally lead the price to pass its all-time high of $1,216.7 set in 2013."
Preparing for long-term remote working after COVID-19
Learn how to safely and securely enable your remote workforceDownload now
Cloud vs on-premise storage: What’s right for you?
Key considerations driving document storage decisions for businessesDownload now
Staying ahead of the game in the world of data
Create successful marketing campaigns by understanding your customers betterDownload now
Solutions that facilitate work at full speedDownload now