Record high: Bitcoin zooms past $12,000 valuation

Purvai Dua

Source: @Photoshot

Tulip mania?

Smashing all bubble warnings and previous records, cryptocurrency Bitcoin has hit a record high value of $12,500 (£9,327) today despite questions about the cryptocurrency’s real value.

The digital currency received a boost after the announcement last week by the US derivatives regulator sating it would allow CME and CBOE Global Markets to list bitcoin futures contracts.British money transfer app, Revolut, has also announced it would let customers buy and sell the cryptocurrencies Bitcoin, Ethereum and Litecoin.

This controversial currency has risen more than 1,000 per cent this year, despite many analysts saying its rising valuation is similar to the Dutch tulip mania.

Established in 2009 after the financial meltdown, Bitcoin has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.

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