Bitcoin hits record $2,000, and keeps rising
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.