Sat11252017

LAST_UPDATESat, 25 Nov 2017 9am

One Bitcoin Now Worth More Than RM25,000

NEW YORK: Bitcoin surged to a record high of more than US$6,000 (approximately RM25,000) on Friday, pushing its market capitalisation to US$100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.

The original virtual currency has gained over 500 per cent this year, more than any other tradable asset class. Bitcoin though is very volatile – posting gains and losses as high as 26 per cent and 16 per cent respectively on any given day.

On Friday, bitcoin hit a record peak US$6,000.10 on the BitStamp platform, and was last at US$5,964.24, up 4.7 per cent on the day.

Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions.

It is more scarce though than most people realise. The number of bitcoins in existence is not expected to exceed 21 million.

- REUTERS