The price of bitcoin has smashed through $5,000 to an all-time high.
Bitcoin surged through the $5,000 level on Thursday for the first time since the launch of the unregulated virtual currency more than eight years ago. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.
This morning Bitcoin shot past $5,000, and is now hovering around $5,300 - up almost 10% from yesterday.
Bitcoin nearly reached US$5000 at the start of September, but fell back sharply after the head of Goldman Sachs blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown. Authorities in Russia also recently addressed the topic, with Russian President Vladimir Putin offering assurances that plans to regulate the currency would place no "excessive barriers" to trading - opening up a major potential market, as Fortune notes.
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The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up.
- Financial analysts warn of an impending price bubble.
Up over $1,000 since last month, Bitcoin has risen over 25% within the last 30 days.
"It is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money", he wrote in The Guardian.
Neil Wilson, senior market analyst at ETX Capital, said investors in bitcoin are also buoyed by news that United States banking giant Goldman Sachs plans to trade the cryptocurrency.