Bit­coin hits record $2,000, and keeps ris­ing

The Hamilton Spectator - - BUSINESS - USA TODAY

SAN FRAN­CISCO — Bit­coin, some­times frowned upon as a cur­rency of the un­der­world, is fast gain­ing cur­rency in the fi­nan­cial world.

The crypto-cur­rency soared past US$2,000 for the first time over the week­end as in­vestors in­creas­ingly treat it as a new gold stan­dard and coun­tries such as Ja­pan and China in­te­grate it into their bank­ing sys­tems. On Mon­day, it traded six per cent higher at US$2,182.74, ac­cord­ing to CoinDesk.

Af­ter Ja­panese reg­u­la­tors in­tro­duced rules this spring that rec­og­nize bit­coin as a le­gal method of pay­ment, in­vestors flocked to swap yen for bit­coin. In China, an­a­lysts at­tribute a spike in bit­coin sales to a sig­nif­i­cant drop in the dif­fer­ence in bit­coin prices be­tween U.S. and Chi­nese ex­changes.

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