Friday, May 5, 2017

Bitcoin surges above $1,500 to record as more investors bet on 'digital gold'

Bitcoin surges above $1,500 to record as more investors bet on

Bitcoin surged further into all-time high territory Thursday as investors bet the digital currency will gain even greater acceptance globally as a store of value and an investment vehicle.

At one point, bitcoin rose more than 5 percent to a record $1,568.59 before retreating slightly, according to CoinDesk. Data from TradeBlock showed some other exchanges had bitcoin above $1,600.

New interest in the currency out of Japan was the cause of the latest short-term upward move, traders said.

"Bitcoin can be thought of as digital gold," said Brian Kelly, founder of BKCM LLC and manager of a digital assets hedge fund. "The upside for bitcoin is so much higher than upside for gold, in my view."

Full story at http://cnb.cx/2pfeEET

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