Cryptocurrency Bitcoin rockets above $7000 to all-time high

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It is now worth four times more than an ounce of gold.

The world's most popular cryptocurrency bitcoin has seen another surge, pushing its value to a record $5,220 on Thursday.

The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty. And as a new asset with a smaller pool of investors, cryptocurrencies are subject to wild swings in value.

Typically for bitcoin, which at less than nine years old is still highly volatile and illiquid compared with traditional currencies and assets, the precise reason for its recent tear was unclear.

However, investing in bitcoin remains risky, as it plunged to below $3,000 just in September after Chinese authorities shut down exchanges in the country.

The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money.

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Bitcoin, a virtual currency created from computer code, was worth only a few USA cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks.

The price rise of Bitcoin could be as a result of its monopoly in the cryptocurrency market.

The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up.

"It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money", he wrote in the Guardian this week.

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