The price of a single bitcoin has gone higher than one ounce of gold for the first time ever.
The digital currency has jumped to an all-time high, at over $1,270 .
The value of bitcoin, which has been very volatile in the past, is up by nearly a third this year.
Most of the trading is done in China.
Bitcoin is used to move money around the world quickly and anonymously.
The fact that it is not controlled by any country’s financial authority makes it attractive to those wanting to get around government controls on capital movement, such as China’s.
Bitcoin has also been pushed higher by investors speculating the first bitcoin exchange-traded fund to be issued in the United States is set to receive regulatory approval.
The US government’s Securities and Exchange Commission is expected to rule on a proposal for a bitcoin based exchange-traded fund (ETF) by March 11.
The EFT concerned was filed with the SEC almost four years ago by investors Cameron and Tyler Winklevoss who are best known for their involvement with Facebook.