Bitcoin bursts through $5000 for the first time

Bitcoin bursts through $5000 for the first time

Bitcoin bursts through $5000 for the first time

The cryptocurrency struck a new record high of $5,183.97 around 0820GMT according to financial data provider Bloomberg. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

"It would not surprise me if, in the next six to 10 months, we're over $10,000", Novogratz told CNBC on Tuesday.

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.

The cryptocurrency is highly controversial, with JP Morgan boss Jamie Dimon saying that it was only suitable for drug dealers, murderers and people living in North Korea.

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On Tuesday, a top Russian central banker said bitcoin exchanges would be banned in the country as part of a broader fight against money laundering.

There is a rumored bitcoin desk at Goldman Sachs which would be another game changer for the cryptocurrency market. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago.

Despite the warnings and controversy surrounding Bitcoin, Japan and several other countries are recognising the currency as a payment method.

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