The virtual currency Bitcoin has been trading at record highs.
Bitcoins were trading at more than $1,000 dollars (735 euros) a piece on November 28 – up from just $13.30 (approximately 9.8 euros) at the start of 2013.
But Mike Ingram, a Senior Strategist at BGC said there was a long way to go before it was widely accepted:
“We certainly need to see the value of a Bitcoin showing a great deal more stability before it can gain broad acceptance. That of course would mean it would tend to drive up the price of Bitcoin, so it’s a little bit of a chicken and egg situation.”
Introduced in 2008, there are now an estimated 12 million Bitcoins in circulation online.
The first Bitcoin ATM opened in Vancouver last month and there are plans for several more across Canada.