Cryptocurrency, Bitcoin’s worth on Monday, January 8 stood at £11,632.00 ($15,701.00). The virtual currency has risen in value since it last traded at £11,016.84 ($14,917.24).
It comes just months after its price exceeded the value of an ounce of gold for the first time – then about £940. But investors are worried by the currency’s volatile nature and the market’s inability to cope with sudden shifts in demand.
An eBay executive told Yahoo Finance the tech giant is “seriously considering” accepting bitcoin payments after its recent success.
Although Scott Cutlor, senior vice president of eBay Americas said they’re “not quite there yet”, his consideration indicates how fast the cryptocurrency is permeating the mainstream.
John Taylor Jr, president and founder of research firm Taylor Global Vision in New York, on the other hand, believes Bitcoin will soon crash, even though it hasn’t reached its peak yet.
The cryptocurrency’s recent record of nearly $20,000 has been attributed to surging demand in China, where authorities warn it is used to channel money out of the country.
Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.
Individual Bitcoins are created by computer code. The total value of all Bitcoin in existence is now more than £112billion.
Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
