Technology

Bitcoin surges to all-time high above $5,000



Bitcoin has again hit a new record-high valuation, tipping $ 5,200 (£ 3,900) despite being continuing to express scepticism about the cryptocurrency's popularity.

                

Last month the chairman and chief executive of JPMorgan Chase, Jamie Dimon, described Bitcoin as a "fraud" and told his company's investors it was "worse than tulip bulbs".

However, Jeroen Blokland, an investor at Robeco, noted on Twitter from $ 1,000 invested in the digital cash back on 22 July 2010 will now be worth $ 100m.

Bitcoin has increased 750% this calendar year, but has continued to display the exceptional volatility which

The value of the cryptocurrency has recovered from September a crackdown in China prompted by fears of fraud, due to crash below $ 3,000 .

Naeem Aslam, chief analyst at Think Markets, believes Bitcoin could continue to grow if the e-commerce players like Amazon begin to accept it.

Analysts have fuelled rumors that Amazon may announce a move to accept Bitcoin

Mr Aslam believes it will hit $ 7,000 by the end of the year, and Suggested adoption by outfits such as Amazon, eBay and China's Alibaba help get it there.

The cryptocurrency is also being chased by North Korean hackers due to its suitability for dodging sanctions, as payments are processed in a distributed manner rather than a central authority.

            



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