The price of bitcoin has breached the $1,000 mark, hitting a additional than a few-12 months superior on Monday.
The cryptocurrency was trading at $1,021 at the time of publication, in accordance to CoinDesk details, at amount not found considering that November 2013, with its industry capitalization exceeding $sixteen billion.
Bitcoin has been on a constant march higher for the previous couple of months, driven by a quantity of components these types of as the devaluation of the yuan, geopolitical uncertainty and an improve in specialist investors taking an fascination in the asset class.
“We are viewing the aftermath of zero fascination rates operate amok. So bitcoin is a healthful reminder that we really don’t have to hold on to dollars or renminbi, which is subject to cash controls and loss of paying for electric power. Instead it really is a new asset class,” Bobby Lee, chief govt of BTC China, one of the world’s premier bitcoin exchanges, informed CNBC by mobile phone.