Leading virtual currency bitcoin on Wednesday traded above $20,000 for the first time following a sustained run higher in recent weeks.<\/p>\n
Just 12 years old, bitcoin reached a record-high $20,398.50 before pulling back to $20,145, which was still an intra-day gain of nearly four percent.<\/p>\n
It has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.<\/p>\n
A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.<\/p>\n
Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.<\/p>\n
Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also seen its under-the-radar appeal.<\/p>\n
Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.<\/p>\n
After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.<\/p>\n
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See the original post here: Leading virtual currency bitcoin on Wednesday traded above $20,000 for the first time following a sustained run higher in recent weeks. Just 12 years old, bitcoin reached a record-high $20,398.50 before pulling back to $20,145, which was still an intra-day gain of nearly four percent Continue reading
\nCryptocurrency Bitcoin Trades Above $20,000 for First Time - News18<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"