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Bitcoin soars to record high

Bitcoin soars to record high
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Virtual currency Bitcoin has soared to a new record high, more than doubling in value since the beginning of October.

The rise is partly due to the prospect of the cryptocurrency crossing over into the financial mainstream.

Trading at just a few percent away from $10,000, means Bitcoin it is now worth more than seven times an ounce of gold.

The digital currency’s eye-watering tenfold increase in its value since the start of the year has led to multiple warnings from financial experts.

“The risk of the bubble bursting is the big ones and of course we just have no idea,” warns James Hughes, Chief Market Analyst at Axitrader. “It could happen at any second and there is no rhyme nor reason behind it at the moment. Bitcoin seems to be have been random in its nature.”

Bitcoin is a digital payment system that allows users to transact directly without interference from intermediaries including banks.